Saudi Arabia is set to make a final decision as soon as Monday on whether to postpone the Future Investment Initiative (FII), its flagship investment conference in Riyadh, Semafor reported, citing people familiar with the matter.
Big banks and private equity firms have privately relayed safety concerns about attending the four-day event to Yasir Al-Rumayyan, governor of the Public Investment Fund (PIF), the people said. The conference is scheduled to begin next week.
PIF is the main backer of FII and the majority shareholder of the company that organizes it. The fund is expected to decide how to proceed as soon as Monday, according to the report.
Crown Prince Mohammed bin Salman will make the final decision, Semafor said.
A spokesperson for FII did not respond to Semafor’s requests for comment.
Rooms at the Ritz-Carlton in Riyadh, which are usually blocked for the event, have been open for public booking in the past 24 hours, the report said.
An exhibition tennis tournament, a charity event linked to the crown prince and Riyadh Fashion Week have already been postponed after Yemen’s Houthi group escalated attacks on the kingdom, Semafor said.
The Wall Street Journal separately reported that some Wall Street leaders are weighing whether to skip the conference after the attacks on Riyadh.
Semafor noted that the United States and most other Western governments advise against all but essential travel to Saudi Arabia.
