Saudi Arabia postpones ‘Davos in the Desert’ due to Houthi strikes

The tenth edition of the Future Investment Initiative was scheduled to be held next week

Saudi Arabia has postponed its flagship investment forum until next year, organizers have announced, as Houthi strikes have continued to hit the kingdom.

Launched in 2017, the Future Investment Initiative (FII) conference, often dubbed ‘Davos in the Desert’, brings together world leaders, top executives and global investors.

“This decision comes from a deep commitment to our partners, members, speakers, and delegates,” FII Institute CEO Dr. Maha Bint Mishari Al Saud said in a press release on Monday, adding that the new 2027 dates would be announced soon.

The event was set to mark the conference’s tenth anniversary, with financial and tech heavyweights including BlackRock CEO Larry Fink, Alphabet President and Chief Investment Officer Ruth Porat, and Goldman Sachs CEO David Solomon expected to attend.

The conflict with the Houthis, also known as Ansar Allah, has caused broader disruptions in Saudi Arabia. Government agencies and businesses in Riyadh, including those at the Kingdom Center and King Abdullah Financial District, have instructed some employees to work remotely, according to Al Jazeera.

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The renewed confrontation kicked off in July, when Saudi-backed Yemeni government forces struck the airport in Houthi-held Sanaa, disrupting years of relative calm following a UN-brokered truce in 2022. The Houthis blamed Riyadh for the attack.

The Houthis retaliated with missile strikes and declared a maritime blockade of Saudi Arabia. The move came in response to restrictions imposed by the Saudi-led coalition on Yemen’s Houthi-controlled ports and airports since March 2015, when Riyadh intervened in the country’s civil war.

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The Houthis also seized territory along Yemen’s Red Sea coast near the Bab el-Mandeb Strait, a crucial shipping route for Saudi oil exports, as traffic through the Strait of Hormuz remains heavily disrupted by the US-Iran conflict.

The escalating conflict has caused civilian casualties in both Saudi Arabia and Yemen. Multiple Houthi attacks on Riyadh airport earlier this month killed at least 14 people and injured more than 300, according to the Saudi authorities. Saudi strikes have killed 141 people and wounded 395 since September 3, most of them women and children, the Houthi-run Health Ministry said on Monday.