FII cancelled following Houthi attacks

• No new date announced
• King Khalid Airport effectively shut
• Kingdom’s events season hit hard

Saudi Arabia has postponed the 10th edition of its flagship Future Investment Initiative (FII) summit after a series of missile attacks on the capital.

In an announcement on Monday evening, FII gave no specific reason for the postponement. It said only that organisers “want to ensure it delivers the full-scale, extraordinary quality” that their partners expect.

The conference was due to take place in Riyadh from October 26 to 29. Organisers have not announced new dates, saying only it will be sometime in 2027.

King Khalid Airport in the Saudi capital has remained effectively closed to commercial traffic since October 10, when at least 13 people were killed and more than 300 injured in a Houthi missile attack.

The Houthis have said they intend to keep striking Saudi airports. At least 20 people have been killed in airport attacks this month.

Some attendees had expressed concern about travelling to Riyadh under current conditions, as many regular travellers have had to rely on alternative overland routes.

FII, also known as “Davos in the Desert” in a nod to the World Economic Forum’s annual event in Switzerland, is the country’s largest investment conference.

Last year it attracted more than 9,000 delegates from around 90 countries, including 20 heads of state. The institute said agreements and investment pledges worth $50 billion were signed. Attendees included China’s vice-president Han Zheng, JPMorgan chief executive Jamie Dimon and BlackRock chairman Larry Fink.

Further reading:

• Deadly Houthi attacks threaten Saudi Arabia’s investor confidence
• Houthi strikes threaten Saudi investment plans
• Countries tell citizens to avoid Saudi Arabia after attacks

Saudi Arabia uses FII to showcase its economic diversification plans and attract foreign direct investment.

The institute’s European summit went ahead in Rome in June, with speakers including Uber founder Travis Kalanick and AI company Cohere’s chief executive Aidan Gomez.

“A postponement like this absolutely does not define FII and its future or stifle what is continued strong interest from American companies in opportunities in the kingdom,” said Steve Lutes, vice president of Middle East Affairs at the US Chamber of Commerce.

“Saudi Arabia has proven to be resilient, and I am confident US businesses will remain committed to growing their investments and partnerships in the kingdom.”

The announcement is the latest setback to the kingdom’s events season since hostilities resumed between Saudi Arabia and the Houthis in August. Other cancellations or postponements include the Red Sea Film Festival and an EU-Gulf summit scheduled for October 24 in Riyadh.

The Gulf Cooperation Council cited continued Houthi threats and the airport’s extended closure as reasons for the FII’s decision.

The scrapping of events will cost Saudi Arabia immediate travel-related revenue, said Tim Callen, a visiting fellow at the Arab Gulf States Institute.

“But the broader issue is that the attacks are negatively affecting the investment and tourism and entertainment environment,” Callen said.

Investors may delay deals in the country until the broader security situation improves, rather than because of any individual event postponement, he said.

“I think at this stage the most important thing for Saudi Arabia is a restoration of regional stability, both them working out how to contain the Houthis and more generally doing what they can to support a diplomatic solution to the US-Iran war,” Callen said.