Saudi Arabia postponed its Future Investment Initiative conference to 2027 after Iran-backed Houthi militants escalated attacks on the kingdom. The conference was originally scheduled for Oct. 26-29 in Riyadh. Organizers said they would announce new 2027 dates soon.
The postponement followed a Houthi attack on King Khalid International Airport in Riyadh on Oct. 10 that killed at least 12 people and injured more than 300. Since then, the Houthis have launched repeated waves of missile and drone strikes. Saudi military forces destroyed several drones launched at the Riyadh region on Friday and Saturday and intercepted missiles over the Red Sea, including one targeting the port city and oil terminal Yanbu, a kingdom armed forces spokesperson said.
The conference hosts some of the world's largest financial leaders. Scheduled speakers included JPMorgan Chase CEO Jamie Dimon, Goldman Sachs CEO David Solomon, Blackstone CEO Stephen Schwarzman, BlackRock CEO Larry Fink and Citigroup CEO Jane Fraser. Some participants and speakers had planned to travel to Saudi Arabia by flying first to Bahrain and then driving five hours to Riyadh, according to CNBC.
Saudi Arabia's sovereign wealth fund launched the Future Investment Initiative in 2017 to help diversify the kingdom's oil-dependent economy. Crown Prince Mohammed bin Salman unveiled the megaproject NEOM at the first conference in 2017. The annual gathering plays a central role in attracting foreign investment to the country.
The postponement reflects the deteriorating security situation across the Middle East as the U.S.-Iran conflict spreads throughout the region. The decision removes a marquee venue for Riyadh's economic and investment messaging at a time when regional instability threatens both security and business confidence.