Saudi Arabia postpones 'Davos in the Desert' investment summit to 2027 amid Houthi attacks
The Future Investment Initiative, due in Riyadh from October 26 to 29, has been pushed to next year as missile and drone strikes on the kingdom continue.
Saudi Arabia has postponed its flagship Future Investment Initiative conference, often called "Davos in the Desert", to 2027 as attacks by Yemen's Houthi movement on the kingdom intensify.
The tenth edition of the gathering was scheduled to be held in Riyadh from October 26 to 29. The FII Institute said new dates would be announced soon.
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The organisers' explanation
FII Institute chief executive Princess Maha Bint Mishari Al Saud said the decision reflected a commitment to the event's partners, members, speakers and delegates. The institute added that it wanted the milestone edition to meet the standards its community expected.
The conference is a showcase for the kingdom's plans to move its economy away from oil and draws the heads of some of the world's largest banks and asset managers. Leaders such as BlackRock's Larry Fink had been expected to attend this year.
Security backdrop
Businesses in Riyadh have also adjusted. According to AFP sources quoted by Al Jazeera, government agencies in the capital asked staff to work from home this week, and several firms in the King Abdullah Financial District gave similar instructions. The National reported that at least one company still intended to send delegates to the kingdom, describing its mood as calm.
The postponement follows a surge in missile and drone strikes by the Iran-aligned Houthis on Saudi military, energy and civilian sites, including Riyadh's King Khalid International Airport. Al Jazeera, citing reports, said the attacks have killed at least 18 people.
Fighting has also escalated inside Yemen between the Houthis and forces backed by a Saudi-led coalition. Several other events in the kingdom, including a security trade exhibition and a retail forum, have also been moved to next year, according to The National.
Why it matters for India
Saudi Arabia is one of India's largest suppliers of crude oil and home to a very large Indian workforce. Continued attacks on the kingdom add to pressure on oil prices, which affect India's import bill, inflation and the rupee, and raise concerns about the safety of Indian nationals in the region.
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