The Future Investment Initiative, a major economic conference in Saudi Arabia scheduled for October 26-29 in Riyadh, has been abruptly postponed. The decision comes amid escalating missile attacks by Houthi rebels, who are intensifying their offensive against the Saudi government amid the ongoing Yemeni civil war, raising concerns about safety for international attendees.
According to the Financial Times on October 19, the event, often referred to as 'Davos in the Desert,' was postponed following recent Houthi attacks in various regions of Saudi Arabia, including the capital, Riyadh. The newspaper noted that this postponement could significantly hinder Saudi Arabia's ambitions to establish itself as a global financial hub.
Currently, the situation in Saudi Arabia is not conducive to hosting international events. Riyadh's King Khalid International Airport, a key entry point for foreign dignitaries, has been closed since October 10 due to Houthi attacks. Reports indicate that 13 people have died and over 300 have been injured at the airport. In recent days, organizers explored the possibility of virtual speeches from some speakers and discussed transitioning the event online. However, the decision to postpone was ultimately made, as reported by The New York Times. Organizers plan to hold the event next year, with a new date to be announced later.
This initiative is considered one of the most significant events in the Middle East, attracting global leaders and representatives from major investment banks. Notably, the plan for the $500 billion Neom City project was unveiled at this event in 2017 by Saudi Crown Prince Mohammed bin Salman. CNBC reported that prominent figures such as Jamie Dimon, CEO of JPMorgan Chase; David Solomon, CEO of Goldman Sachs; Stephen Schwarzman, CEO of Blackstone; and Jane Fraser, CEO of Citigroup, were expected to attend this year's conference.
The Houthi rebels continue to launch attacks against Saudi Arabia. According to The Wall Street Journal, on October 18, a Houthi projectile struck the southern Saudi city of Najran, injuring six people and damaging three homes and three vehicles. Additionally, on October 19, the Houthis fired missiles at a government military base in central Yemen, resulting in 53 deaths and 200 injuries, many of whom were military trainees.
Furthermore, October 19 marks the fifth anniversary of the Houthi rebels' seizure of the Yemeni capital, Sana'a, and the subsequent detention of about 20 Yemeni employees at the U.S. embassy. Although the embassy has been closed since 2015, local staff continued to maintain facilities until their detention by the Houthis. The U.S. State Department has called for their immediate and unconditional release.
* This article has been translated by AI.
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