RIYADH, October 19, 2026 — Saudi Arabia has decided against holding its flagship Future Investment Initiative in person next week, a major setback for Crown Prince Mohammed bin Salman’s drive to turn the kingdom into a global financial hub, as Houthi missile attacks on the capital rattle investors and executives, people familiar with the matter told The Wall Street Journal.
The annual gathering, billed as “Davos in the Desert,” was to assemble the global financial elite in Riyadh beginning October 26. Organisers decided on Monday that if the conference goes ahead at all, its sessions will be held virtually rather than in person, the sources said. A final decision — virtual or postponed entirely — is expected on Tuesday or earlier, and postponement is the most likely outcome, several of the sources said.
Wall Street Weighs Whether to Travel
The move follows weeks of deliberation among Wall Street executives over whether travelling to Riyadh was safe. Some bankers at JPMorgan Chase and Citigroup were already cancelling meetings, according to the Journal, while the circles around JPMorgan’s Jamie Dimon and Citigroup’s Jane Fraser deliberated over whether the chief executives should attend.
Attendees had been consulting their security teams about the risks, including concerns that hotels and landmarks around the conference could become targets. Rooms at the Ritz-Carlton in Riyadh, typically blocked off entirely for the duration of the event, have recently been released for public booking — an additional signal that the in-person gathering will not proceed as planned.
A Growing List of Cancelled Showcases
The FII is only the latest in a lengthening list of major Saudi events disrupted by the conflict. In recent weeks, the kingdom postponed a summit with EU leaders, an exhibition tennis tournament, a charity event linked to the crown prince, and Riyadh Fashion Week. The Red Sea International Film Festival was pushed to late 2027, the Joy Awards were delayed, the Soundstorm music festival was cancelled, and the Esports World Cup was moved from Riyadh to Paris.
Executives from BP, Chevron, Shell and TotalEnergies were unable to attend this week’s World Petroleum Council congress in Riyadh because of travel disruptions, underscoring how the security situation is biting into the kingdom’s business ambitions.
Houthi attacks on Saudi airports have intensified in recent weeks. Riyadh’s King Khalid International Airport remains closed to flight operations after repeated strikes, and more than 3,100 Saudi flights were cancelled in a single week earlier this month.
Decision Day Tuesday
For Prince Mohammed, the conference has long been the centrepiece of his Vision 2030 agenda to turn the oil exporter into an international hub for business and tourism. In 2017, he used the event to unveil plans for NEOM, the $500 billion futuristic city project that has since been sharply scaled back amid slower economic growth.
The escalating conflict with the Houthis is compounding the challenges facing the crown prince as mounting war costs strain the kingdom’s already stressed finances. The FII organising committee and the Saudi government’s media office did not respond to requests for comment, the Journal reported.
[…] lands at a moment of acute pressure for the Saudi economy. Reuters reported earlier Monday that the in-person event had been scrapped before the official statement landed. The conference has been the crown jewel of Crown Prince […]