Saudi Arabia cancels 2026 ‘Davos in the Desert’ amid Houthi attacks | Business and Economy News
Saudi Arabia Postpones Future Investment Initiative Conference Amid Escalating Strikes
Riyadh, Saudi Arabia — The Future Investment Initiative (FII) conference, a key annual investment event in Saudi Arabia, has been postponed until 2027 due to ongoing attacks by the Iran-backed Houthi movement. The announcement was made via the FII’s official website, confirming that the event, originally scheduled for October 26-29, will be rescheduled with a new date to be announced shortly.
Dr. Maha Bint Mishari Al Saud, CEO of the FII Institute, stated that the decision reflects a commitment to the stakeholders involved. “As this marks our landmark tenth edition, we want to ensure it delivers the extraordinary quality and impact our community expects,” she said.
Often referred to as “Davos in the Desert,” the conference aims to attract global investments to support Saudi Arabia’s economic diversification away from oil dependence, focusing on sectors such as tourism, sports, and technology. Notable speakers anticipated to attend included Ruth Porat, president and CIO of Alphabet and Google; David Solomon, chairman and CEO of Goldman Sachs Group; and Laurence Fink, chairman and CEO of BlackRock.
The postponement comes as violence escalates in the region. The Houthis have intensified their assaults on various military, energy, and civilian infrastructures throughout Saudi Arabia, resulting in significant casualties, including at least 18 deaths and hundreds of injuries.
In response to the security situation, government agencies in Riyadh have instructed employees to work from home. Reports indicate that employees received notifications about remote work arrangements that will continue for the week. Additionally, companies in the King Abdullah Financial District, home to many international firms, have also advised their staff to work remotely.
The recent violence has heightened concerns over safety in the capital, prompting authorities to take precautionary measures to ensure the well-being of their workforce.
