Saudi Arabia postpones ‘Davos in the Desert’ forum amid Houthi attacks

Saudi Arabia has postponed its flagship investment conference until next year following deadly attacks that have shaken the kingdom in recent weeks as the conflict in the Middle East has widened, organisers of the Future Investment Initiative said on Monday.

Three sources told Agence France-Presse (AFP) earlier on Monday that the forum, known as “Davos in the Desert”, would be postponed.

The conference showcases Saudi Arabia’s ambitious investment plans as the kingdom seeks to attract billions of dollars to fund its economic transformation strategy, which aims to reduce reliance on oil and gas and expand into tourism, sports and technology.

A source familiar with the matter told AFP that the event “will not take place as scheduled”, adding that organisers would not announce a new date in the near future.

A second source confirmed the postponement, asking: “Who would want to risk travelling by air to Riyadh at this time?”

This year’s forum was due to take place in Riyadh from 26 to 29 October.

Reuters also reported, citing four sources, that Saudi Arabia had decided to cancel in-person participation in its flagship investment conference this year.