Saudi Arabia postpones ‘Davos in the Desert’ after attacks

By Timour Azhari, Federico Maccioni, Tala Ramadan and Alexander Cornwell

Saudi Arabia has decided to postpone its flagship investment conference until next year, organisers confirmed in a statement on Monday, after deadly attacks that rocked the kingdom in recent weeks as the Middle East conflict widens, disrupting business.

The Future Investment Initiative, or FII, was planned for October 26-29, but will now take place in 2027, with a new date to be announced “very soon”, the organisers said.

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 CEO and chair David Solomon, Standard Chartered CEO Bill Winters and Citi CEO Jane Fraser, according to a draft programme.

The US-Israeli war with Iran has disrupted the Gulf’s busy calendar of events, with several conferences cancelled, postponed or retooled in the United Arab Emirates 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 airpor t, 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 organisers considered a hybrid format, allowing executives to tune in remotely. Semafor reported on 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.