Saudi Arabia has postponed an annual Davos-style investment forum until January as the novel coronavirus pandemic continues to disrupt global travel, organizers said Tuesday.
The Future Investment Initiative (FII), which showcases the Kingdom as a dynamic investment destination, will now take place from January 26-28 in Riyadh, with the title “The Neo-Renaissance”.
FII was previously scheduled to take place on October 28-29.
"After careful consideration and assessment of the global travel and airline outlook, as well as the regulations imposed by a significant number of countries... we have decided to postpone the 4th edition of the FII," the organizers said.
The summit, dubbed "Davos in the desert", was launched by Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, in 2017 to woo foreign investors and promote his Vision 2030 diversification plan to wean the economy off its dependence on oil.
Thousands of delegates, including world leaders, Wall Street titans and policy-makers from dozens of countries, packed into Riyadh's Ritz-Carlton hotel during last year’s event.
India's Prime Minister Narendra Modi and Brazil's President Jair Bolsonaro, whose countries are key emerging markets, were among the key speakers at last year's event.
