Several signals suggest that FII could be postponed: rooms at the Ritz Carlton in Riyadh, which are usually blocked off for the event, have been available for public booking in the last 24 hours. Other scheduled events, such as an exhibition tennis tournament, a charity event linked to the crown prince and Riyadh Fashion Week, were all postponed after Houthi attacks on the kingdom intensified.
The postponement of the conference is not surprising since the airport still appears to be closed, the main business district has asked its tenants to work from home until further notice and schools have also opted for home learning.
The kingdom and its neighbors like the United Arab Emirates and Qatar present themselves not only as sources of capital, but also as a safe home for billions in financial assets, data centers and new industries.
Speculation has swirled in recent weeks over whether Saudi Arabia would host the event, given the high-profile attacks on Riyadh airport. Organizers have held discussions about allowing foreign leaders to participate virtually, Reuters reported last week, and the Wall Street Journal said some leaders had already canceled the meetings.
The United States, along with most other Western governments, advises against all but essential travel to Saudi Arabia. This impacts travel insurance costs and advice from internal security and risk management teams.
Yet Saudi Arabia views participation in the event and general support for the Gulf during turbulent times as a test of loyalty for global business leaders. Those who show up in tough times are rewarded, while fair-weather friends are often left out of lucrative deals.
Gn bussni
