Saudi Arabia postpones its 'Davos in the Desert' conference after attacks

The Future Investment Initiative (FII), a major investment conference held in Saudi Arabia, has been postponed until 2027 following recent deadly attacks in the country. The conference, informally known as "Davos in the Desert," was scheduled for October 26-29 but will now take place in the following year, with a new date to be announced soon.

Organizers confirmed the postponement in a statement on Monday, citing the ongoing escalation of conflict in the Middle East, which has disrupted business operations. The 10th edition of the conference, which has become a must-attend event for top financiers, aimed to showcase Saudi Arabia's investment plans to attract billions of dollars for economic transformation towards tourism, sports, and technology.

Expected speakers for this year's event included David Solomon from Goldman Sachs, Bill Winters from Standard Chartered, and Jane Fraser from Citi. The conference faced challenges as the US-Israeli war with Iran disrupted the Gulf's event calendar, leading to cancellations or rescheduling of events in the UAE and Qatar. Saudi Arabia itself faced increased attacks from Yemen's Iran-aligned Houthis, targeting military, energy, and civilian infrastructure, resulting in at least 18 deaths and hundreds of injuries in the capital, Riyadh.

FII organizers expressed their commitment to delivering the conference with the "full scale, extraordinary quality, and unforgettable impact" that attendees have come to expect, despite the safety concerns raised by global big banks and private-equity firms.