Saudi Arabia Postpones Major Investment Summit Amid Escalating Houthi Attacks

Saudi Arabia's Future Investment Initiative (FII) conference has been postponed until next year, with a new date to be announced soon, according to a statement on the official website. The decision comes as deadly strikes by the Iran-backed Houthis against the kingdom continue. The annual event, informally known as “Davos in the Desert,” was originally scheduled to begin on October 26 and conclude on October 29.

Dr. Maha Bint Mishari Al Saud, CEO of the FII Institute, stated that the postponement is driven by a "deep commitment to our partners, members, speakers and delegates." She added, "Because this is our landmark tenth edition, we want to ensure it delivers the full scale, extraordinary quality, and unforgettable impact that our community has come to expect and truly deserves."

The FII conference is a state-backed event designed to showcase the kingdom’s ambitious investment plans, aiming to attract billions of dollars to fund its economic transformation away from hydrocarbons towards sectors like tourism, sport, and technology. Prominent expected speakers included Alphabet & Google’s president and chief information officer Ruth Porat, Goldman Sachs Group chairman and CEO David Solomon, and BlackRock chairman and CEO Laurence Fink.

The postponement follows recent escalations in fighting between a Saudi-led coalition supporting Yemen’s internationally recognized government and the Iran-aligned Houthis. The Houthis have conducted attacks on military, energy, and civilian infrastructure across Saudi Arabia, including Riyadh’s international airport, resulting in casualties.

In response to the escalating attacks, government agencies in Riyadh have instructed employees to work from home. A worker and two consultants confirmed to AFP news agency that this directive has been issued. The Kingdom Centre, a prominent skyscraper housing the International Monetary Fund’s regional office, has also advised workers to stay away until further notice. Companies in the King Abdullah Financial District, which hosts offices of major US firms, have similarly asked employees to work remotely.