Saudi Arabia has postponed its Future Investment Initiative conference until 2027. The decision follows escalating missile and drone attacks by Iran-backed Houthi militants, including a deadly strike on Riyadh's airport.
Saudi Arabia postponed its annual investor conference until 2027 on Monday, as Iran-backed Houthi militants escalated missile and drone attacks on the kingdom in recent weeks. The Future Investment Initiative was due to run in Riyadh from Oct. 26 to Oct. 29.
Organizers promise new dates
The conference organizers said in a statement, according to CNBC: "We will announce the new 2027 dates very soon." The event's speaker list included JPMorgan Chase's Jamie Dimon, Goldman Sachs' David Solomon, Blackstone's Stephen Schwarzman, BlackRock's Larry Fink and Citigroup's Jane Fraser.
CNBC was told that some participants and speakers had planned to fly first to Bahrain and then drive five hours to Riyadh.
Airport attack preceded the decision
The postponement comes after the Houthis attacked King Khalid International Airport in Riyadh on Oct. 10, leaving at least 12 people dead and more than 300 injured. Since then, Houthi militants have launched repeated waves of missile and drone strikes at Saudi Arabia.
A spokesperson for the kingdom's armed forces said the Saudi military intercepted and destroyed several drones launched at the Riyadh region on Friday and Saturday. Missiles launched over the Red Sea were also intercepted on Friday, including one heading toward the port city and oil terminal Yanbu.
A forum tied to Saudi economic plans
Saudi Arabia's sovereign wealth fund launched the conference in 2017. It has played a key part in Riyadh's plans to diversify its oil-dependent economy, and Crown Prince Mohammed bin Salman unveiled the megaproject NEOM at the first edition.
CNBC says the postponement underscores the deteriorating security situation in the Middle East as the U.S-Iran war spreads across the region.
Source: CNBC
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