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Saudi Arabia Postpones “Future Investment Initiative” Conference Due to Corona
With the Covid-19 pandemic continuing to disrupt global travel, the Kingdom of Saudi Arabia has postponed an annual investment conference similar to the “Davos” forum to January, organizers announced today, as the conference “Investment Initiative future “will now take place from January 26 to 28. . However, it still plans to host the G20 summit in November.
The organizers said: “After carefully studying and evaluating the expectations related to international travel and airlines, as well as the measures imposed by a large number of countries … we decided to postpone the fourth edition of the Future Investment Initiative.”
The conference, which is described as “Davos in the desert,” was launched by Saudi Crown Prince Mohammed bin Salman in 2017 to attract foreign investors and promote Vision 2030 to diversify the Saudi economy, which is heavily reliant on oil, and the conference witnessed a new momentum last year.
Thousands of participants, including heads of state, top Wall Street investors, and lawmakers from dozens of countries around the world gathered at the Ritz-Carlton Hotel. Among the most prominent participants last year were Indian Prime Minister Narendra Modi and Brazilian President Jair Bolsonaro.
Notably, Saudi Arabia, home to some 30 million people, has registered 316,670 cases of coronavirus infection and 3,929 deaths since March 2, when the first case of Covid-19 was announced. The Kingdom imposed some of the strictest measures in the Gulf region to limit the spread of Covid-19, including suspending international flights and reducing the number of pilgrims to less than a thousand already residing in the Kingdom.
