Saudi Arabia postpones 'Davos in the Desert' until next year amid Houthi offensive

[Financial News]  

Saudi Arabia announced on the 19th (local time) that it would postpone until next year an investment conference nicknamed 'Davos in the Desert.' The decision came as Yemen's Houthi rebels launched large-scale missile and drone attacks on six locations that day, including Riyadh's King Khalid International Airport and Saudi Aramco oil facilities. The 'Davos in the Desert' conference is held in Riyadh, Saudi Arabia's capital.
According to the Financial Times (FT) and other foreign media, Saudi Arabia said in a statement that it had postponed until next year the annual Future Investment Initiative (FII), which had originally been scheduled for next week, and that a new date would be announced 'very soon.'
The pro-Iranian Yemeni Houthi rebels have continued drone and missile attacks across Saudi Arabia in recent weeks, including on Riyadh International Airport. Riyadh's King Khalid International Airport has been closed since the 10th. The Houthi rebels' attack at the time killed 13 people and injured around 300.
FII is an event that brings together leaders from the Gulf region, drawing large numbers of regional heads of state and executives from major banks, asset management firms and energy companies around the world. Over the past decade, 'Davos in the Desert' has served as a platform for Crown Prince Mohammed bin Salman Al Saud (MbS), Saudi Arabia's de facto ruler, to showcase the kingdom's efforts to diversify its economy to the international community.
This year's event was expected to feature BlackRock CEO Larry Fink, whose firm is the world's largest asset manager, and Jamie Dimon, CEO of JP Morgan Chase, the largest bank in the United States, as speakers, among others.
The FII postponement is just one example of major event disruptions in Saudi Arabia, whose air links have been cut amid the recent Houthi offensive, forcing it to change its plans. Last week, an international event attended by European Union (EU) leaders was also canceled, and various international events are being postponed or canceled one after another.
Major Western countries, including the United States and the United Kingdom, are advising against travel to Saudi Arabia. As a result, companies cannot obtain insurance, making it virtually impossible to attend events in Saudi Arabia. Even if airports reopen, companies are now more likely to be reluctant to attend international events.

[email protected] Song Gyeong-jae Reporter