Saudi Arabia delays major investment summit until 2027

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Gulf tensions force delay of Saudi Arabia’s flagship investment event

Saudi Arabia has postponed its flagship Future Investment Initiative (FII) conference until 2027 following a series of deadly attacks in the kingdom amid escalating regional conflict, organisers confirmed on Monday.

The 10th edition of the event, informally known as “Davos in the Desert”, had been scheduled for October 26 to 29. Organisers said a new date would be announced “very soon”, according to Reuters.

The decision follows attacks on Saudi military, energy and civilian infrastructure in recent weeks, disrupting business activity and raising concerns over security across the Gulf.

Saudi Arabia has faced an escalation in attacks by Yemen’s Iran-aligned Houthi group, which has targeted infrastructure across the kingdom, including the headquarters of state oil company Saudi Aramco and Riyadh’s international airport.

Strikes at the airport killed at least 18 people this month, while hundreds were reportedly wounded, according to Reuters.

The widening regional conflict has also disrupted the Gulf’s calendar of major business events, with several conferences in the United Arab Emirates and Qatar cancelled, postponed or shifted to alternative formats earlier this year.

Reuters reported last week that FII organisers had considered a hybrid format that would allow executives to participate remotely. However, the event has now been deferred to next year.

The FII conference has become a prominent gathering for international investors, business leaders and policymakers as Saudi Arabia seeks investment to diversify its economy beyond hydrocarbons into sectors including tourism, sports and technology.

A draft programme for this year’s event listed Goldman Sachs Chairman and CEO David Solomon, Standard Chartered CEO Bill Winters and Citi CEO Jane Fraser among the expected speakers.

According to Semafor, major banks and private-equity firms had privately raised safety concerns about attending the conference with Saudi Arabia’s Public Investment Fund Governor Yasir Al-Rumayyan.

Organisers said they wanted to ensure the event delivered the scale, quality and impact expected by participants.

The postponement marks another disruption to the Gulf’s business calendar as regional hostilities continue to affect travel, investment events and commercial activity.

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