Saudi Arabia postpones 2027 investor summit amid Houthi attacks: S&P Global’s Yergin says ‘sensible decision’ | Today’s news
Saudi Arabia has postponed its flagship Future Investment Initiative (FII) conference until 2027 as escalating missile and drone attacks by Iran-backed Houthi militants raise security concerns and undermine the kingdom’s efforts to attract global investors. Top executives from Wall Street’s biggest financial institutions were expected to attend the annual meeting, which is scheduled to be held in Riyadh from October 26 to 29.
The conference, often called “Davos in the desert”, is a key platform for Saudi Arabia to showcase its economic ambitions and attract foreign capital as it seeks to diversify beyond oil.
The delay comes after a recent attack by Iran-backed Houthi rebels on Riyadh’s King Khalid International Airport that left at least 13 dead, the Associated Press reported.
Read also | Saudi helicopter crashes near Yemen border as Houthi war rages
The FII Institute, which is organizing the event, said the new dates will be announced soon. Existing registrations and partnerships will remain in effect.
On Monday, Princess Maha Bint Mishari Al Saud announced that officials were postponing the Future Investment Initiative, which had been scheduled for October 26-29, until next year.
“This decision comes from a deep commitment to our partners, members, speakers and delegates,” Princess Maha said in a statement. “As this is our landmark tenth edition, we want to ensure it delivers the full scope, extraordinary quality and memorable impact our community expects and truly deserves.”
Saudi Arabia’s FII conference postponed due to Houthi attacks
The 2026 conference was expected to bring together JPMorgan Chase CEO Jamie Dimon, Goldman Sachs CEO David Solomon, Blackstone CEO Stephen Schwarzman, BlackRock CEO Larry Fink and Citigroup CEO Jane Fraser.
The postponement follows a series of attacks attributed to Yemen’s Houthis. Saudi airports, energy facilities and other strategic locations were at risk, complicating travel arrangements for international participants.
Read also | Aramco HQ intervened when Houthi missiles hit Saudi Arabia
Some conference attendees reportedly planned to fly to Bahrain and then travel approximately five hours by road to Riyadh.
Houthi missile and drone attacks target Saudi airports and oil facilities
King Khalid International Airport in Riyadh was among the locations reportedly hit in October. More than 300 people were injured in the attack on the airport.
The Houthis said on Monday they had retargeted the Riyadh airport, alongside Abha International Airport in southwestern Saudi Arabia, the Saudi Aramco facility at Yanbu on the Red Sea coast, the Shaybah oil field and Saudi naval forces.
Read also | Houthi attacks on Saudi Arabia: Lufthansa, Air India suspend flights to Riyadh
Saudi military officials said several drones launched toward the Riyadh area were destroyed on Friday and Saturday. Missiles were also intercepted approaching over the Red Sea, including one aimed at Yanbu, a key port and oil export terminal.
Why reprieve is important to Saudi Arabia’s 2030 vision
Saudi Arabia’s sovereign wealth fund launched the Future Investment Initiative in 2017 as part of the kingdom’s strategy to attract international investment and develop non-hydrocarbon industries.
Crown Prince Mohammed bin Salman unveiled the ambitious NEOM mega-project at the launch conference, making the event a showcase for the kingdom’s economic transformation plans.
The annual meeting has since become an important meeting place for global investors, financial institutions and Saudi officials. Its postponement removes a major platform for promoting investment and announcing partnerships amid growing regional uncertainty.
Read also | Mecca pact activated amid Houthi attacks: Is this the ‘NATO of the Middle East’
The longer-term impact on investor confidence remains unclear. However, continued security concerns could affect corporate travel decisions and investment risk assessments throughout the Middle East.
Gulf conflict disrupts trade routes, raises security concerns: Yergin S&P Global
Speaking to CNBC after returning from Saudi Arabia, S&P Global’s Dan Yergin said the delay was understandable due to travel difficulties.
“I was there last week to leave the country, I had to drive five hours across the desert to Bahrain. All the airports are closed, the main airports. You can’t have an international conference if your airports are closed. That’s what it looked like.”
Yergin said the confrontation with the Houthis had intensified and disrupted what would have been an important international gathering.
“It’s a smart decision by Saudi Arabia in terms of this conflict with the Houthis. And it’s been a long-term battle, but right now it’s really rekindled and it’s disrupting what would be a very important and timely major global conference.” Yergin said.
Read also | Houthi drone near Makkah: What does this mean for the Makkah-led Pact?
Asked whether the attacks reflected a regional dispute or a broader escalation involving Iran and maritime security, he said Tehran was involved.
“Well, I think Iran is definitely involved. I don’t think the Houthis themselves have the capacity to target it in that way. So it’s clear that the Iranians are helping them because the Iranians, of course, have also stepped up attacks on ships in the Gulf.”
Organizers of the Future Investment Initiative (FII) conference said registrations and partnerships will remain in place. The conference is now expected to take place in 2027, with revised dates to be announced.
