Saudi Arabia cancels in-person Future Investment Initiative summit next week
Saudi Arabia has ruled out hosting its Future Investment Initiative summit in person next week; organizers have abandoned in-person plans, with a possible postponement or online format still under consideration.
The reason? Growing security worries amid missile strikes by Iran-backed Houthi rebels on Saudi territory.
Organizers say the event might move online or be postponed, but in-person plans are off for now.
JPMorgan and Citigroup bankers canceled meetings
This is a blow to Crown Prince Mohammed bin Salman's push to bring in global investors and show off his efforts to lure foreign capital.
Big banks like JPMorgan and Citigroup had already had bankers canceling meetings because of safety concerns, so the change in plans isn't a huge surprise, but it does highlight how regional tensions are making it tougher for Saudi Arabia to attract new business.