Riyadh Postpones Its Showcase Summit to 2027 as Missiles Reach the Capital
Saudi Arabia has ruled out an in-person Future Investment Initiative next week in Riyadh, the investment forum known as Davos in the desert. The tenth edition was scheduled for Oct. 26 to Oct. 29 at the King Abdulaziz International Conference Center, a four-day gathering that typically draws heads of state and executives from major banks, asset managers and energy companies, and serves as Riyadh's premier stage for multibillion-dollar deals.
The outcome is now settled. Reuters reported that organizers confirmed in a statement on Monday that the tenth Future Investment Initiative will move to 2027, with a new date to be announced "very soon." The Wall Street Journal, citing people familiar with the matter, said organizers decided Monday against an in-person event and later told attendees the conference would be postponed until next year. The Financial Times had earlier cited three people familiar with the matter saying organizers were weighing a virtual edition on the planned dates or a full postponement. The FII had previously said comprehensive security measures would protect participants, while a press conference scheduled for Monday was postponed without explanation.
The shift follows escalating Houthi missile and drone attacks. The Oct. 10 strike on King Khalid International Airport killed at least 12 people and wounded 309, with some accounts later putting the death toll at 13. Saudi civil aviation authorities said the dead included four Saudis, two Bangladeshis, and one national each from the United States, Egypt, Jordan, Syria, Palestine and Sudan. Earlier attacks on Oct. 7 and Oct. 8 on airports in Riyadh and Abha killed three civilians and injured 36, according to Al Jazeera. A coalition spokesman later said attacks on Oct. 7, Oct. 8, Oct. 10 and Oct. 11 together left 17 dead and 333 wounded at the Riyadh airport, including one killed and 11 wounded in the Oct. 11 strike on Terminals 3 and 4. The Independent reported that a separate strike set part of Aramco's headquarters ablaze.
Semafor reported that big banks and private-equity firms privately relayed safety concerns to Yasir Al-Rumayyan, governor of the sovereign Public Investment Fund, with a final decision possible as soon as Monday. CEOs felt pressure to attend in person despite the risks. The Independent named JPMorgan chief Jamie Dimon and BlackRock chief Larry Fink among scheduled speakers. Bankers in Dubai who had registered told the FT they would wait until the last minute before deciding to travel. Rooms at Riyadh's Ritz-Carlton, normally blocked for the event, became available for public booking in the past 24 hours.
Stepping back from an in-person summit undercuts Riyadh's message that regional war is not disrupting business, Semafor noted, as Saudi Arabia, the UAE and Qatar pitch themselves as secure homes for trillions in financial assets, data centers and new industries. An exhibition tennis tournament, a charity event linked to the crown prince and Riyadh Fashion Week have all been postponed. Reuters had earlier reported a hybrid option under discussion, with some executives landing at airstrips outside Riyadh or in neighboring Gulf states and driving to the capital.