Saudi Arabia has postponed its Future Investment Initiative (FII) summit until next year amid continued deadly attacks by Iran-backed Houthi rebels, according to a statement published on the event’s official website.
The annual conference was scheduled to run from October 26 to 29 next week. In a statement issued on Tuesday, organisers said the dates for next year’s event would be announced “very soon.”
Dr Maha bint Mishari Al Saud, chief executive officer of the FII Institute, said the decision was made out of “a deep commitment to our partners, members, speakers and delegates.”
“As this is our 10th and a special milestone edition, we want to ensure that the conference takes place with the full scale, exceptional quality and memorable impact that our community expects and truly deserves,” she said.
Informally known as the “Desert Davos,” the summit is modelled in part on the annual World Economic Forum meeting in Switzerland. The state-backed event showcases Saudi Arabia’s ambitious investment plans and seeks to attract billions of dollars to help transform the country’s economy from dependence on energy resources towards tourism, sports and technology.
According to the FII website, scheduled speakers included Ruth Porat, president and chief investment officer of Alphabet and Google; David Solomon, chairman and chief executive officer of Goldman Sachs Group; and Laurence Fink, chairman and chief executive officer of BlackRock.
Fighting has intensified in recent weeks between the Saudi-led coalition supporting Yemen’s internationally recognised government and the Iran-aligned Houthis.
The Houthis, also known as Ansar Allah, have attacked military installations, energy infrastructure and civilian facilities across Saudi Arabia, including Riyadh’s international airport. The attacks have killed at least 18 people and injured hundreds more, according to the report.
