Saudi Arabia has postponed its flagship Future Investment Initiative conference until 2027 amid a series of attacks on the kingdom by the Iran-backed Houthis, disrupting one of Crown Prince Mohammed bin Salman’s most prominent efforts to attract international investment.

The annual conference, known as “Davos in the Desert,” was scheduled to take place Oct. 26-29 in Riyadh, bringing together world leaders, major investors and executives from some of the world’s largest financial institutions. Organizers decided Monday to cancel the in-person gathering before informing attendees that the event would be postponed until next year. 

Its postponement follows the cancellation or delay of several other high-profile events in Saudi Arabia amid the escalating Houthi attacks, underscoring the conflict’s impact on the kingdom’s efforts to position itself as an international business hub.

The decision follows repeated Houthi missile attacks targeting Saudi Arabia’s airports and other infrastructure, including a deadly strike on Riyadh’s main international airport earlier this month that killed more than a dozen people and injured hundreds. The attacks have disrupted air travel and raised security concerns among international executives planning to attend the conference.

Organizers had reportedly considered allowing participants to attend virtually while maintaining an in-person component, as some Wall Street executives were reconsidering traveling to the kingdom. JPMorgan Chase CEO Jamie Dimon and BlackRock CEO Larry Fink were among the prominent financial figures listed as speakers at this year’s event.

FII, launched in 2017, has become a major platform for Saudi Arabia to promote Crown Prince Mohammed bin Salman’s mission to attract foreign capital and reduce the kingdom’s dependence on oil.