Riyadh postpones flagship investment conference until 2027, orders government staff to work from home.
Saudi Arabia’s Future Investment Initiative (FII) conference has been postponed until next year, according to a statement on the official website, as deadly strikes by the Iran-backed Houthis against the kingdom continue.
The annual event was due to start next week on October 26 and run through October 29, with a date next year to be announced “very soon”, the statement released on Tuesday said.
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FII Institute chief executive officer Dr Maha Bint Mishari Al Saud said the decision “comes from a deep commitment to our partners, members, speakers and delegates”.
“Because this is our landmark tenth edition, we want to ensure it delivers the full scale, extraordinary quality, and unforgettable impact that our community has come to expect and truly deserves,” she said.
Informally dubbed “Davos in the Desert”, a nod to the World Economic Forum’s annual meeting in Switzerland, the state-backed conference showcases the kingdom’s ambitious investment plans in a bid to attract billions of dollars needed to fund its economic transformation away from hydrocarbons towards tourism, sport and technology.
Expected speakers included: Alphabet & Google’s president and chief information officer, Ruth Porat; Goldman Sachs Group chairman and CEO David Solomon; and BlackRock chairman and CEO Laurence Fink, according to the FII website.
Fighting between a Saudi-led coalition supporting Yemen’s internationally recognised government and the Iran-aligned Houthis has escalated in recent weeks.
The Houthis, also known as Ansar Allah, have hit military, energy and civilian infrastructure across Saudi Arabia, including Riyadh’s international airport, killing at least 18 people and injuring hundreds more.
Government staff to work from home
Government agencies in the Saudi capital, Riyadh, have told employees to work from home, one worker and two consultants told the AFP news agency, as the city comes under repeated attack from the Houthis.
The Kingdom Centre, a 99‑storey tower in downtown Riyadh that houses the International Monetary Fund’s regional office, also requested workers stay away until further notice.
On Sunday, an employee of a government agency in the capital received a message saying, “It has been decided to implement remote work from Monday to Thursday this week”. The message added: “We ask everyone to continue their activities as normal.”
Companies based in the King Abdullah Financial District, which hosts offices of major United States firms, have also asked employees to work from home, according to other sources.