Saudi Arabia has postponed its flagship investment conference, known as “Davos in the Desert”, until 2027 following deadly attacks and growing security concerns in the kingdom.
Organisers of the Future Investment Initiative (FII) confirmed the decision in a statement on Monday. The conference was scheduled to hold from October 26 to 29, but a new date will be announced “very soon”.
Reuters reported earlier on Monday that the in-person event had been cancelled, with organisers considering postponing it.
The conference, which was due to hold its 10th edition, attracts some of the world’s leading financiers and business executives.
Informally known as “Davos in the Desert”, the state-backed event showcases Saudi Arabia’s investment plans as it seeks billions of dollars to transform its economy from dependence on hydrocarbons towards tourism, sports and technology.
Expected speakers at this year’s conference included Goldman Sachs Chief Executive Officer and Chairman David Solomon, Standard Chartered Chief Executive Officer Bill Winters and Citi Chief Executive Officer Jane Fraser, according to a draft programme.
The postponement comes as the US-Israeli war with Iran disrupts the Gulf region’s calendar of business events. Several conferences in the United Arab Emirates and Qatar were cancelled, postponed or restructured during the first part of the year as the countries faced attacks.
Saudi Arabia has also faced attacks in recent weeks from Yemen’s Iran-aligned Houthi rebels, who have targeted military, energy and civilian infrastructure across the kingdom.
The targets have included the headquarters of state-owned oil company Aramco and Riyadh’s international airport. Strikes this month killed at least 18 people and wounded hundreds, according to the report.
In its statement, FII said it wanted to ensure the conference delivered “the full scale, extraordinary quality, and unforgettable impact that our community has come to expect.”
Reuters reported last week that organisers had considered a hybrid format that would allow executives to participate remotely.
Semafor reported on Monday that major banks and private equity firms had privately raised safety concerns about attending the conference with Saudi Arabia’s Public Investment Fund Governor, Yasir Al-Rumayyan.
The report added that chief executives felt pressure to attend the four-day event.
Faridah Abdulkadiri
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