Saudi Arabia postpones 'Davos in the Desert' to 2027 amid Houthi attacks
Saudi Arabia postponed its big Future Investment Initiative conference, set for next week in Riyadh, until 2027, CNBC and the Washington Post reported. The move follows weeks of Houthi missile and drone attacks, including a deadly strike on Riyadh's airport. Organizers said new dates will come "very soon."
Saudi Arabia on Monday postponed its flagship investor conference, the Future Investment Initiative, until 2027, as Iran-backed Houthi militants have escalated missile and drone attacks on the kingdom, CNBC and the Washington Post reported.
The conference, billed as "Davos of the Desert," had been scheduled to take place in Riyadh from October 26 to 29, CNBC reported. "We will announce the new 2027 dates very soon," the organizers said, according to CNBC. The statement, from FII Institute chief executive Maha al-Saud, said the decision "comes from a deep commitment to our partners, members, speakers, and delegates" and did not directly mention the Houthi attacks, the Post reported.
The decision follows a Houthi attack on King Khalid International Airport in Riyadh on October 10 that left at least 12 people dead and more than 300 injured, CNBC reported. The Post reported that the strike killed 13 people and that the airport remained closed as of Monday. The Houthis have since hit Saudi Arabia's state-owned oil company and other oil sites, the Post reported.
Speakers listed for the event included JPMorgan Chase's Jamie Dimon, Goldman Sachs' David Solomon, Blackstone's Stephen Schwarzman, BlackRock's Larry Fink and Citigroup's Jane Fraser, CNBC reported. Some participants had planned to fly to Bahrain and then drive five hours to Riyadh, CNBC reported.
Saudi Arabia's sovereign wealth fund launched the conference in 2017, and it has played a key part in the kingdom's plans to diversify its oil-dependent economy, CNBC reported. Crown Prince Mohammed bin Salman unveiled the NEOM megaproject at the first conference, CNBC reported.
Saudi Arabia backs Yemen's government coalition, which is fighting the Houthis, the Post reported. The conflict is now the most volatile front in the regional war that began when the United States and Israel attacked Iran in late February, the Post reported. The Houthis claimed on Monday to have attacked the Riyadh airport again, as well as other airports and Saudi Aramco sites, CNBC reported. Neither side sees an off-ramp, according to officials and analysts, the Post reported.
What we know: The Future Investment Initiative will not take place next week and has been moved to 2027.
What we don't: The new dates, and whether the Houthi attacks on Saudi Arabia will ease.
Where outlets agree CNBC and the Washington Post report that Saudi Arabia postponed the Future Investment Initiative until 2027 after weeks of Houthi attacks.
Where they differ CNBC reported that the October 10 Riyadh airport attack killed at least 12 people, while the Washington Post put the death toll at 13.