Saudi to decide on postponing FII after Wall Street lobbying

Saudi Arabia is preparing to decide by Monday whether to postpone its major investment conference, the Future Investment Initiative, in Riyadh, following private warnings of safety concerns from Wall Street executives, according to sources familiar with the matter. Big banks and private-equity firms have communicated these worries to Yasir Al-Rumayyan, the head of the kingdom’s sovereign wealth fund, and ultimately, the decision rests with Crown Prince Mohammed bin Salman.

Despite the looming threat, the conference's primary sponsor, the Public Investment Fund, is expected to announce its decision soon. Reports suggest that rooms at the Ritz Carlton in Riyadh, typically reserved for the event, have been available for public booking in recent days, and other related events have also been postponed due to escalating attacks by the Houthis.

While delaying the conference in the midst of war may seem counterintuitive, it could be seen as a loyalty test for global business leaders, with those attending during difficult times potentially rewarded with lucrative deals.