Riyadh. A major Saudi investment conference has been postponed to next year, its chief executive officer said on Monday, as the kingdom comes under repeated attacks from Yemen's Iran-backed Houthis.

The annual Future Investment Initiative (FII), often dubbed "Davos in the Desert", was scheduled to take place from October 26-29.

For nearly a decade, it has served as a showcase for Saudi Arabia's efforts to attract global investors, business leaders and heads of state.

The postponement deals a blow to the kingdom's ambitions to draw foreign capital, diversify its oil-reliant economy and push its reform agenda.

In a statement posted on X, FII Institute CEO Maha Al Saud said the gathering would instead take place in 2027, saying organisers wanted to ensure the anniversary edition delivered the "full scale" and "extraordinary quality" expected by participants.

She said new dates would be announced soon, while current registrations and partnerships would remain valid.

Three sources familiar with the matter had earlier told AFP the conference would be postponed.

One source said organisers "won't announce a new date soon" while another questioned who would be willing to "risk flying to Riyadh these days".

The decision comes after Riyadh's international airport, a repeated target of Houthi attacks, suspended operations earlier this month after 13 people were killed in an October 10 strike, with no clear timeline for when air traffic could resume.

It was the deadliest attack on the kingdom in more than a decade.

Earlier this month, diplomatic sources said the kingdom was planning to move ahead with the conference, offering on-site and virtual attendance, as well as alternative air and land travel routes.

But that plan appears to have been scrapped as Western travel warnings for the region have multiplied and the airport remains shut.

"The executives I've spoken to are very, very, very hesitant to travel to Riyadh for this month's conferences," a consultant who advises Saudi firms told AFP.

"Companies won't put their employees in harm's way for the sake of an investment conference," they added.
 

Add as a preferred source on Google +