Saudi Arabia has ruled out hosting its biggest international investment gathering in person next week as missile strikes by Iran-backed Houthi rebels raise security fears across the kingdom, according to reports.
The Future Investment Initiative, scheduled to kick off Oct. 26 in Riyadh, could be delayed or shifted entirely online, outlets including the Wall Street Journal reported.
Organizers abandoned plans for an in-person event Monday, with a final decision on a possible postponement expected by Tuesday, according to the report.
Before news of the change in plans broke, JPMorgan Chase and Citigroup bankers were already cancelling meetings due to security concerns, with CEOs Jamie Dimon and Jane Fraser’s teams debating whether they should make the trek.
The disruption marks another obstacle for Crown Prince Mohammed bin Salman’s efforts to lure foreign capital as the escalating conflict with the Houthis puts additional pressure on Saudi finances.
This is a developing story. Please check back for updates.
