Saudi Arabia postpones Davos in Desert summit amid escalating tensions with Houthis

Saudi Arabia has postponed its flagship Future Investment Initiative conference until 2027. The decision follows deadly attacks and safety concerns amid a widening regional conflict.Saudi Arabia postpones Davos in the Desert conference to 2027 amid security concerns. (File image: Reuters)Saudi Arabia has decided to postpone its flagship investment conference until next year, organisers confirmed in a statement on Monday, following deadly attacks which rocked the kingdom in recent weeks as the Middle East conflict widens, disrupting business.The Future Investment Initiative, or FII, was planned for October 26 to 29, but will now take place in 2027, with a new date to be announced "very soon," the organisers said. Reuters reported earlier Monday that the in-person event had been scrapped and organisers were weighing postponing the event.The conference, set for its 10th edition, has become a must-attend event for some of the world's top financiers. Informally dubbed "Davos in the Desert," in a nod to the World Economic Forum's annual meeting in Switzerland, the state-backed annual event has showcased the kingdom's ambitious investment plans in a bid to attract billions of dollars needed to fund its economic transformation away from hydrocarbons towards tourism, sports and technology.Expected speakers for this year's event included Goldman Sachs GS N CEO and Chairman David Solomon, Standard Chartered STAN.L CEO Bill Winters and Citi's CEO Jane Fraser, according to a draft programme. The US-Israeli war with Iran this year has disrupted the Gulf's busy calendar of events, with several conferences cancelled, postponed or retooled in the UAE and Qatar in the first part of the year, when the countries bore the brunt of the attacks while Saudi Arabia suffered fewer hits.The kingdom in recent weeks has faced an escalating war with Yemen's Iran-aligned Houthis, which have struck military, energy and civilian infrastructure across the country, including state oil company Aramco's headquarters and Riyadh's international airport, where strikes killed at least 18 people and hundreds were wounded this month. FII said it wanted to ensure the event delivered "the full scale, extraordinary quality, and unforgettable impact that our community has come to expect."Reuters reported last week that the FII organizers considered a hybrid format, allowing executives to tune in remotely. Semafor reported Monday that big banks and private-equity firms have privately relayed safety concerns about attending the event to Saudi Arabia's Public Investment Fund Governor Yasir Al-Rumayyan, adding that CEOs feel pressure to attend the four-day event.- EndsWith Reuters inputs