Saudi Arabia postpones Future Investment Initiative to 2027 amid Houthi attacks
In short
Saudi Arabia has postponed the 10th Future Investment Initiative (FII), an international investment conference due on 26-29 October, to 2027. Korean outlets link the decision to escalating attacks by Yemen's Houthi rebels, including a strike on Riyadh's King Khalid airport on 10 October. The organisers said a new date would be announced soon.
Read the full story 2 min read
Saudi Arabia has postponed the 10th Future Investment Initiative (FII), which was due to be held in Riyadh on 26-29 October, to 2027. FII institute chief executive Maha Al Saud announced the decision on X on 19 October, local time, according to Yonhap and Hankook Ilbo. She called it an unavoidable decision to deliver the full scale and special quality participants expect, and said a new date would be announced soon. [ 1 , 2 , 6 ]
Korean outlets link the decision to the escalating attacks by Yemen's Iran-backed Houthi rebels. Yonhap reported that executives of major global banks and private equity firms privately voiced strong safety concerns to Yasir Al-Rumayyan, governor of Saudi Arabia's sovereign wealth fund (PIF), and that Western travel warnings added to the pressure. Chosun Ilbo reported that concern had grown that hotels near the venue could be targeted. According to Yonhap, a Saudi corporate adviser said executives were very reluctant to go to Riyadh. [ 1 , 2 , 6 ]
Organisers had considered alternatives before postponing. Yonhap and Hankook Ilbo said they weighed a hybrid format with video links and alternative travel routes. Newsis said some speakers were offered video addresses and a fully online event was considered. Chosun Ilbo reported that some attendees had considered flying to Bahrain and driving five hours across the desert into Riyadh. [ 1 , 2 , 3 , 6 ]
On 10 October a Houthi attack hit King Khalid International Airport in Riyadh. Newsis and Hankook Ilbo reported at least 13 dead and hundreds injured, while Yonhap said up to 18 died. Chosun Ilbo reported at least 18 dead and more than 300 injured in a series of attacks. Yonhap and Chosun Ilbo said the airport's operations were suspended indefinitely, and both reported that more than 45% of flights leaving Saudi airports had been cancelled since 8 October. Yonhap cited aviation data firm Cirium for that figure. Yonhap also said the Aramco headquarters and major oil facilities were hit. [ 1 , 2 , 3 , 6 ]
Attacks continued on 19 October. Houthi military spokesman Yahya Saree said the group struck six targets in Saudi Arabia, including Aramco facilities in Yanbu and Riyadh airport, in response to about 200 Saudi air strikes on Sanaa and other places over two days, according to Chosun Ilbo. Newsis also relayed the Houthi claim. [ 2 , 3 ]
Newsis said the sovereign wealth fund launched the FII in 2017, and that more than 8,000 people attended last year's event. Chosun Ilbo reported that Saudi Arabia's finance ministry forecasts a 3.6% economic contraction this year and that other international events, including Riyadh Fashion Week, the Six Kings Slam tennis event and the Saudi International golf tournament, have been cancelled or postponed. Hankook Ilbo quoted the Wall Street Journal as calling the cancellation a symbol of how geopolitical conditions threaten Saudi Arabia's economy and business plans. [ 2 , 3 , 6 ]
Why it matters
Korean business outlets describe the FII as a showcase for Saudi Arabia's plan to move beyond oil, so its postponement is reported as a blow to that plan. Outlets also say it raises questions about the country's investment climate.
Key facts
- FII institute chief executive Maha Al Saud announced on X on 19 October (local time) that the 10th FII, planned for 26-29 October, is postponed to 2027. [ 1 , 6 ]
- She called it an unavoidable decision to deliver the full scale and special quality participants expect, and said a new date would be announced soon. [ 1 , 6 ]
- Yonhap reported that executives of major global banks and private equity firms privately voiced strong safety concerns to Yasir Al-Rumayyan, governor of Saudi Arabia's sovereign wealth fund (PIF), and that Western governments issued Middle East travel warnings. [ 1 ]
- A Houthi attack on King Khalid International Airport in Riyadh on 10 October killed at least 13 people and injured hundreds, according to Newsis and Hankook Ilbo; Yonhap and Chosun Ilbo give at least 18 dead. [ 1 , 2 , 3 , 6 ]
- More than 45% of flights departing Saudi airports have been cancelled since 8 October. [ 1 , 2 ]
- The Riyadh airport's operations have been suspended indefinitely, according to Yonhap and Chosun Ilbo. [ 1 , 2 ]
Confirmed by several sources
- The 10th FII, due on 26-29 October, has been postponed to 2027, and a new date is to be announced. [ 1 , 2 , 3 , 6 ]
- A Houthi attack on Riyadh's King Khalid International Airport on 10 October caused deaths and hundreds of injuries. [ 1 , 2 , 3 , 6 ]
- Organisers had considered alternatives such as video participation before deciding to postpone. [ 1 , 3 , 6 ]
- More than 45% of flights departing Saudi airports have been cancelled since 8 October. [ 1 , 2 ]
Still unclear
- How many people died in the 10 October attack on Riyadh airport. Yonhap says up to 18 dead, Chosun Ilbo at least 18 dead and more than 300 injured from a series of attacks, while Newsis and Hankook Ilbo say at least 13 dead.
- The stated reason for the postponement. The FII institute chief cited the need to deliver the event's full scale and quality, without naming the attacks in the quoted statements; the outlets link the decision to the Houthi attacks and to safety concerns among attendees.
- Whether the US-Iran war is spreading across the Middle East. Only Newsis makes this statement, and it gives no detail.
- Houthi claims of strikes on six Saudi targets on 19 October. Chosun Ilbo and Newsis relay the Houthi claim, including Aramco facilities and Riyadh airport; neither confirms it independently.
- The new date of the FII in 2027. The organisers said only that it would be announced soon.
What local media are saying
Timeline, local time
- Yonhap reports the postponement announced on 19 October. [ 1 ]
- Chosun Ilbo publishes its report, citing the Wall Street Journal and AP. [ 2 ]
- Newsis publishes its report. [ 3 ]
- Korea Economic Daily carries the postponement in its overnight overseas news roundup. [ 4 ]
- Korea Economic Daily publishes a report on the postponement and the blow to Saudi Arabia's financial hub plan. [ 5 ]
- Hankook Ilbo publishes its report. [ 6 ]