Saudi Arabia has postponed its flagship investment conference, Davos in the Desert, until 2027, organisers said on Monday, following deadly attacks in the kingdom over recent weeks. The event, formally called the Future Investment Initiative (FII), had been set for October 26 to 29. Organisers said a new date would be announced “very soon.”
Why the conference was moved
The organisers linked the decision to the recent attacks, which have come as the wider Middle East conflict disrupts business across the region. The FII said it wanted the event to deliver “the full scale, extraordinary quality, and unforgettable impact that our community has come to expect.” This year's edition was due to be the 10th, and the conference has become a must-attend event for some of the world's top financiers.
The name is informal, taken from the World Economic Forum's annual meeting in Switzerland. The conference is state-backed and has been used to present Saudi Arabia's plans to attract billions of dollars for its shift away from hydrocarbons, meaning oil and gas, towards tourism, sports and technology. According to a draft programme, expected speakers included David Solomon of Goldman Sachs, Bill Winters of Standard Chartered and Jane Fraser of Citi, all chief executives.
Reports say big banks and private-equity firms had privately raised safety concerns about attending with Yasir Al-Rumayyan, governor of the Public Investment Fund, the kingdom's state investment vehicle. The same reports say chief executives feel pressure to attend the four-day event. Reports also say organisers last week weighed a hybrid format that would let executives join remotely. These are reported claims and have not been confirmed by the organisers.
Attacks and the wider conflict
Yemen's Iran-aligned Houthis have been in an escalating war with Saudi Arabia in recent weeks, and have struck military, energy and civilian infrastructure across the country. The targets included the headquarters of Aramco, the state oil company. Strikes at Riyadh's international airport killed at least 18 people and wounded hundreds this month.
Earlier this year, the US-Israeli war with Iran disrupted the Gulf's calendar of events, with several conferences cancelled, postponed or changed in the UAE and Qatar. Those two countries bore the brunt of the attacks in that early period, while Saudi Arabia suffered fewer hits. The postponement of the Saudi investment conference is the latest sign that the regional conflict is still affecting business plans.
Timeline: what has happened so far
- October 26 to 29: Planned dates for the 10th edition of the FII conference.
- This month: Strikes at Riyadh's international airport and elsewhere kill at least 18 people and wound hundreds.
- Last week: Reports say organisers weighed a hybrid format allowing remote participation.
- Monday: Organisers confirm the conference is postponed to 2027, with a new date to follow.
Aasan alfaaz mein
Saudi Arabia ne apni bari investment conference “Davos in the Desert” ko 2027 tak multavi kar diya hai. Yeh conference 26 se 29 October ko honi thi, lekin haal ke hamlon aur Middle East ki jang ke asar ki wajah se faisla liya gaya. Naye tareekh ka elaan jald hone ki umeed hai. Pakistan ke aam logon ke liye iska seedha asar petrol, bijli ya bill par nahi hai, lekin Saudi investment ke naye mouqay ab der se samne aayen ge.
