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Saudi Arabia has postponed its annual Future Investment Initiative (FII) conference amid repeated attacks by Yemen’s Houthi rebels, while employees of major businesses in Riyadh have been instructed to work from home as security concerns mount.
The Saudi government announced the decision on Tuesday, October 20.
According to Al Jazeera, the conference, often dubbed “Davos in the Desert” after the World Economic Forum’s annual meeting in Switzerland, was scheduled to take place from October 26 to 29. The FII Institute said the event had been postponed until next year to ensure the safety of invited guests, speakers and international partners.
The conference plays a significant role in Saudi Arabia’s economic transformation plans, which seek to reduce the kingdom’s dependence on oil and attract foreign investment in sectors such as technology, tourism and sports.
Senior executives from Google, Goldman Sachs and BlackRock were expected to attend this year’s event.
Meanwhile, employees of major businesses in key commercial districts of Riyadh have been told to work remotely until further notice. The affected areas include Kingdom Centre and the King Abdullah Financial District.
The report said clashes between Houthi rebels and the Saudi-led military coalition had intensified in recent weeks. Drone and missile attacks have reportedly targeted airports, military installations, energy infrastructure and residential areas.
The attacks have reportedly killed at least 18 people, according to the report.
