Saudi Arabia’s flagship investment conference will not take place this year after organisers postponed the event until next year amid fears of attacks by Iran-aligned Houthi rebels in Yemen. The announcement was made in a statement published on the conference’s website.
The Future Investment Initiative (FII), as the conference is officially known, was scheduled to take place at the end of this month, with numerous business executives expected to travel to Riyadh to attend.
Organisers had also considered offering participants the option of joining the conference virtually. However, they ultimately decided to postpone the annual event.
In a statement issued on Tuesday, organisers confirmed that the FII conference, scheduled for October 26–29, would not proceed as planned. A new date for next year’s event will be announced “soon”.
Maha bint Mishari Al Saud, chief executive officer of the FII Institute, said the decision reflected the organisation’s “deep commitment to our partners, members, speakers and delegates”.
Saudi Arabia has faced a series of attacks by the Houthis in recent weeks, including strikes targeting airports across the country and in the capital, Riyadh. The attacks have heightened security concerns over travel to the kingdom.
Maha said the upcoming conference would mark its 10th edition, adding that organisers wanted to ensure the event would be “comprehensive, exceptional in quality and memorable”, meeting the expectations of its community.
The annual investment conference attracts leaders and ministers from around the world, senior executives from major corporations and influential figures from the financial sector. Its prominence has earned it the nickname “Davos in the Desert”.
The name draws a comparison with the World Economic Forum’s annual meeting in Davos, Switzerland.
Backed by the Saudi government, the conference showcases the kingdom’s ambitious investment plans. Saudi Arabia aims to attract substantial foreign investment to diversify its economy away from its traditional dependence on oil and gas, with a focus on tourism, sports and technology.
According to the FII website, this year’s programme was scheduled to feature speakers including Ruth Porat, president of Alphabet and Google; David Solomon, chairman and chief executive of Goldman Sachs Group; and Larry Fink, chairman of BlackRock.
The Houthis are currently fighting forces loyal to Yemen’s internationally recognised government. Saudi Arabia leads a coalition opposing the Houthi movement, a key factor behind the group’s attacks on Saudi territory.
*Source: Al Jazeera*
