The “Davos in the Desert” postponed to 2027: Saudi Arabia has pushed its flagship Future Investment Initiative, the annual gathering of global finance and business leaders known as “Davos in the Desert,” to next year. The announcement came just days before the conference was due to open in Riyadh, after a wave of Houthi missile and drone attacks on the kingdom rattled the event’s star-studded Wall Street lineup.
The decision was announced in an email statement from the FII Institute on Monday, October 19. The 10th edition of the conference, FII10 “The Power of Legacy,” had been scheduled for October 26–29 in Riyadh and was to feature the chief executives of JPMorgan Chase, Citigroup, Goldman Sachs and BlackRock, according to CNN.
FAKTA
- The 10th Future Investment Initiative, scheduled for October 26–29, 2026 in Riyadh, will instead take place in 2027. New dates will be announced “very soon.”
- The FII Institute said the decision was taken to ensure the milestone edition “delivers the full scale, quality, and impact that our partners, members, speakers and delegates expect.”
- All registrations and partnerships remain valid, organizers said.
- The conference has been canceled only once before — in 2020, because of the COVID-19 pandemic.
- JPMorgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser, Goldman Sachs CEO David Solomon and BlackRock CEO Larry Fink were all scheduled to speak.
- Security concerns intensified after a deadly Houthi missile strike on Riyadh’s King Khalid International Airport earlier this month. Several countries have since issued travel warnings.
“Davos in the Desert” postponed as Wall Street banks pull out
Bankers from JPMorgan Chase and Citigroup were already canceling meetings because of security concerns before the postponement was announced, with the teams of Jamie Dimon and Jane Fraser debating whether to travel, the Wall Street Journal reported via the New York Post.
The Future Investment Initiative has been Crown Prince Mohammed bin Salman’s flagship event for building the kingdom’s global influence since its first edition in 2017, the Washington Examiner reported. The megaproject NEOM was unveiled at that inaugural edition.
Attacks on airports and infrastructure escalate
The Iran-aligned Houthis have escalated missile and drone attacks on Saudi airports, energy infrastructure and other strategic sites in recent weeks, and Saudi Arabia has responded with air strikes in Yemen, according to CNN.
Security concerns intensified after a Houthi missile strike on Riyadh’s King Khalid International Airport earlier this month, which the Wall Street Journal said killed at least a dozen people and wounded more than 300. Saudi authorities also said a projectile struck the southern city of Najran on Sunday, injuring six.
Fighting inside Yemen has also intensified. At least 53 people were killed and more than 200 injured on Monday when Houthi ballistic missiles struck a military training facility in the southeastern province of Shabwa, The Media Line reported.
A setback for Saudi Arabia’s economic ambitions
The postponement marks another obstacle for Crown Prince Mohammed bin Salman’s efforts to lure foreign capital, the New York Post reported. The Future Investment Initiative has played a key part in Riyadh’s plans to diversify its oil-dependent economy.
The kingdom’s other major international events are also being pushed back: the trade exhibition Intersec Saudi Arabia and the Saudi Retail Forum were postponed to October 2027 and March 2027 respectively, the Washington Examiner reported, while the Six Kings Slam tennis tournament was delayed to late December. The U.S. State Department has warned American citizens in the Middle East to exercise increased vigilance.
What happens next
The FII Institute said new dates for the 2027 event “will be communicated very soon” and that all registrations and partnerships remain valid. WWE’s Crown Jewel premium live event, scheduled for November 7 in Saudi Arabia, is still set to proceed, though doubts are beginning to arise about whether it will go ahead.
Follow continued coverage of Saudi Arabia’s business landscape on the Watan News business desk.
