WorldMiddle East
Saudi Arabia postpones 'Davos in the Desert' as Houthi attacks hit Riyadh
The tenth Future Investment Initiative, due from 26 to 29 October, moves to next year. Government offices and firms in the capital have told staff to work from home.
Key points
- The Future Investment Initiative, due on 26 to 29 October, has been pushed to next year.
- Houthi strikes on Saudi Arabia have killed at least 18 people and hit Riyadh's main airport.
- A new date will be announced "very soon", the FII Institute said.
Saudi Arabia has put off this year’s Future Investment Initiative, the showcase conference known as “Davos in the Desert”, as Houthi missiles and drones keep striking the kingdom’s capital.
The tenth edition was due to run in Riyadh from 26 to 29 October. A statement on the FII website on Tuesday said it would move to next year, with a new date to be announced “very soon”.
Maha bint Mishari Al Saud, chief executive of the FII Institute, said the decision “comes from a deep commitment to our partners, members, speakers and delegates”. As the “landmark tenth edition”, she said, the event had to deliver the full scale and quality its community expects.
A capital under fire
The postponement follows weeks of escalating war between the Saudi-led coalition, which backs Yemen’s internationally recognised government, and the Iran-aligned Houthis. The Houthis have struck military, energy and civilian targets across Saudi Arabia, including King Khalid International Airport in Riyadh, which the Houthis said they struck on 8 October and has been attacked again since. The attacks have killed at least 18 people and injured hundreds.
On Tuesday the coalition’s spokesperson, Colonel Turki al-Maliki, said another Houthi ballistic missile aimed at Riyadh had been intercepted and destroyed.
Daily life in the capital has bent around the threat. Government agencies have told employees to work from home for the rest of the week. The 99-storey Kingdom Centre, which houses the IMF’s regional office, has asked tenants to stay away until further notice, and companies in the King Abdullah Financial District have sent staff home too.
What the forum stood for
The state-backed FII is Saudi Arabia’s main stage for courting investors to its plan to shift the economy away from oil and into tourism, sport and technology. This year’s line-up had included Alphabet’s Ruth Porat, Goldman Sachs chief David Solomon and BlackRock’s Laurence Fink.
The fighting in Yemen has also turned deadly on the ground. A Houthi strike on a government training camp in Shabwa killed at least 53 recruits and wounded more than 200.
India has issued a fresh advisory asking its nationals in Saudi Arabia to take due precautions.