Saudi Arabia has unexpectedly postponed its flagship conference, the “Future Investment Initiative,” to 2027, responding to ongoing attacks by Houthi rebels linked to Iran. This decision marks a significant setback for the Kingdom, which aims to position itself as a global business hub and attract foreign investment essential for its multi-trillion-dollar economic transformation, according to Bloomberg.
The conference, typically drawing prominent figures from finance, energy, and politics, was scheduled to begin on October 26. Notable attendees included Citigroup’s CEO Jane Fraser, Goldman Sachs’ president David Solomon, and BlackRock’s chief Larry Fink. However, recent Houthi attacks on the Saudi capital’s airport caused multiple fatalities, disrupted air travel, and led to the cancellation or rescheduling of various events.
Houthi Strikes Paralyze Saudi Arabia
The postponement reflects a series of assaults on the Kingdom in recent days. With multiple strikes targeting key infrastructure, organizers considered various contingency plans to proceed with the conference, and only last week, they affirmed readiness to host thousands of delegates in Riyadh.
This shift underlines the importance of the event for Crown Prince Mohammed bin Salman as he seeks to showcase Saudi Arabia to global financial institutions, particularly in light of the economic strains posed by the ongoing conflict. The Houthis, part of the so-called “axis of resistance” supported by Iran, have clashed with Riyadh long before the onset of the U.S.-Israel war in February. Their attacks intensified in October following a Saudi-backed offensive by Yemeni forces aimed at reclaiming Houthi-controlled areas.
Source: Bloomberg
