Saudi Arabia postpones FII to 2027 after Houthi attacks, per CNBC
Saudi Arabia postponed its annual Future Investment Initiative until 2027 after Iran-backed Houthi militants escalated missile and drone attacks on the kingdom, cnbc.com reported. The decision to delay the high-profile gathering follows a deadly October 10 strike on King Khalid International Airport in Riyadh.
The conference, established by the kingdom’s sovereign wealth fund in 2017 to attract foreign capital and reduce reliance on oil revenue, was originally scheduled to run from October 26 to October 29 in the Saudi capital. Organizers stated that new dates for 2027 will be announced soon, though outlets including the Wall Street Journal reported that participants and officials weighed shifting the event entirely online before abandoning in-person plans.
Security Concerns Disrupt Wall Street Attendance
Before the postponement became official, prominent Wall Street figures—including JPMorgan Chase Jamie Dimon, Goldman Sachs David Solomon, Blackstone Stephen Schwarzman, BlackRock Larry Fink, and Citigroup Jane Fraser—were listed as scheduled speakers. Bankers at JPMorgan and Citigroup had already begun canceling meetings due to security concerns, while executive teams debated whether to travel to the kingdom.
Some financiers consulted security specialists regarding potential threats to prominent hotels and landmarks, according to reports. Travel logistics were also complicated by safety precautions, with certain participants planning to fly into Bahrain and drive five hours to Riyadh.
Airport Strike and Drone Attacks Heighten Regional Insecurity
The security situation deteriorated significantly following the October 10 airport strike, which left at least 12 people dead and more than 300 injured, according to cnbc.com figures, while the Wall Street Journal put the death toll at 13. Additional projectile strikes continued across the region, including a reported impact in the southern city of Najran that injured six people.
The Saudi military intercepted multiple aerial threats over the weekend. Armed forces spokespersons reported that troops destroyed several drones launched toward the Riyadh region, alongside missiles intercepted over the Red Sea, including one targeting the port city and oil terminal Yanbu.
The security fallout has affected multiple high-profile gatherings across the kingdom. Riyadh Fashion Week, the Six Kings Slam tennis tournament, the PIF Saudi International golf tournament, and a planned summit between European Union and Gulf Arab leaders have all experienced disruptions or postponements.
Investment Initiative Seeks to Meet Vision 2030 Goals
The Future Investment Initiative serves as a primary vehicle for Crown Prince Mohammed bin Salman’s Vision 2030 economic overhaul, acting as a venue where megaprojects like NEOM were first unveiled. Last year’s gathering drew more than 9,000 delegates and generated over $50 billion in agreements, pledges, and projected deals.
Despite these high figures, foreign direct investment totaled roughly $33 billion last year, falling short of the kingdom’s target of securing approximately $100 billion annually by 2030. The conference previously weathered a major boycott in 2018 when government officials and financial leaders withdrew following the killing of Washington Post columnist Jamal Khashoggi at the Saudi consulate in Istanbul.