Saudi Arabia’s flagship investment conference, the Future Investment Initiative (FII), has been postponed until 2027, organizers announced Monday, highlighting the impact of ongoing missile and drone attacks on the kingdom’s economic agenda. The event, often referred to as “Davos in the Desert,” was originally scheduled to begin next Monday in Riyadh.
The decision to delay the conference came after escalating security concerns resulting from a series of attacks by the Iranian-backed Houthi militia based in Yemen. In recent weeks, these strikes have targeted key infrastructure, including King Khalid International Airport in Riyadh, where at least 13 people were killed and hundreds injured. The airport has subsequently been forced to close temporarily, leading to thousands of canceled flights and further travel disruptions.
Faced with mounting challenges, FII Institute representatives had initially explored alternative formats such as allowing speakers to participate via video link or holding the conference entirely online. However, they ultimately decided to postpone the event altogether. The institute said it will announce new dates for 2027 soon.
The postponement deals a setback to Crown Prince Mohammed bin Salman’s vision of transforming Saudi Arabia’s economy away from oil dependence, by attracting global business, tourism, and sporting events. The FII summit is the kingdom’s premier platform for showcasing its post-oil economic plans to international investors and featured more than 8,000 participants and prominent corporate leaders at its last gathering. Previous speakers at the event have included high-profile figures such as Larry Fink, chairman and CEO of BlackRock, and Jamie Dimon, CEO of JPMorgan Chase.
In addition to the postponement of the Future Investment Initiative, other major events have seen cancellations or delays amid the renewed conflict with the Houthis. These include the Urban Cycling World Championships and a summit involving Persian Gulf and European leaders. Last week’s WPC Energy Congress in Riyadh proceeded as planned but was notably affected by the absence of top executives from major oil companies—including Exxon Mobil, Shell, Chevron, and BP—who cited security concerns and travel obstacles as reasons for their withdrawal.
Saudi authorities also imposed tighter restrictions on air travel at the Riyadh airport starting Saturday night, requiring special permission for any arrivals or departures, with no specified end date for the new rules. Prior to the official postponement, many attendees had already canceled their participation or rerouted their travel through neighboring Bahrain in response to the deteriorating security situation.
The ongoing Houthi campaign of missile and drone attacks reflects broader regional tensions and poses a significant challenge to Riyadh’s efforts to promote stability and economic diversification amid a volatile security environment.