Saudi Arabia has postponed its flagship Future Investment Initiative conference until next year amid a sustained wave of deadly strikes by the Iran-backed Houthis against the kingdom.
The annual gathering was scheduled to begin next week on October 26 and run through October 29. An official website statement released on Tuesday confirmed the delay.
Organisers said a new date for next year would be announced very soon. The state-backed event is informally known as Davos in the Desert, mirroring the World Economic Forum meeting in Switzerland.
FII Institute chief executive officer Dr Maha Bint Mishari Al Saud said the decision came from a deep commitment to partners, members, speakers and delegates.
Because this is the landmark tenth edition, organisers want to ensure it delivers the full scale, extraordinary quality, and unforgettable impact that the community expects and deserves, she said.
The conference showcases the kingdom’s ambitious investment plans to attract billions of dollars for its economic transformation away from hydrocarbons toward tourism, sport and technology.
Scheduled speakers for the event included Alphabet and Google president and chief information officer Ruth Porat, Goldman Sachs Group chairman and CEO David Solomon, and BlackRock chairman and CEO Laurence Fink.
The postponement follows an escalation in fighting between a Saudi-led coalition supporting Yemen’s internationally recognised government and the Houthi movement, also known as Ansar Allah.
The group has struck military, energy and civilian infrastructure across Saudi Arabia, including Riyadh international airport, resulting in at least 18 deaths and hundreds of injuries.
Government agencies in Riyadh have instructed employees to work from home as the capital faces repeated attacks, according to one worker and two consultants. The Kingdom Centre, a 99-storey downtown tower housing the International Monetary Fund regional office, also advised workers to stay away until further notice.
On Sunday, a government employee in the capital received a directive implementing remote work from Monday to Thursday, asking staff to continue normal activities from home. Companies based in the King Abdullah Financial District, which hosts offices of major United States firms, have issued similar work-from-home instructions.
