Saudi Arabia issues rare airstrike alerts for Riyadh | Today’s news

(Bloomberg) — Saudi authorities issued warnings early Saturday of airstrikes in Riyadh, the first in the capital since the height of the U.S.-Iran war in March and April.

The Royal Early Warning System issued emergency alerts at 4am and again at 6am for residents of the capital, without giving further details. Saudi Civil Defense said the danger soon passed in both cases.

Other areas in Saudi Arabia received similar warnings overnight, including the Red Sea cities of Jeddah and Yanbu and the Red Sea island of Farasan.

Saudi Arabia has come under attack again this month from the Houthis, an Iran-backed group based in Yemen that is targeting Western cities and energy infrastructure. Last week, the Saudi government said a drone attack emanating from Iraq – which has several pro-Tehran militias – had shut down an important east-west oil pipeline.

The development poses another problem for the kingdom’s de facto ruler, Crown Prince Mohammed bin Salman.

The attack on the pipeline and the virtual closure of the Strait of Hormuz by Iran caused a drop in oil exports from Saudi Arabia. The new hostilities now threaten to hit the kingdom’s attempts to attract investment and tourists to diversify the economy.

Next month, Riyadh is to host Saudi Arabia’s flagship investment conference called the Future Investment Initiative. This year’s edition is set to feature many prominent Wall Street figures, including the CEO of JPMorgan Chase & Co. Jamie Dimon and David Solomon of Goldman Sachs Group Inc.

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