'Desert Davos' Attendance in Question... Business Leaders Closely Watching Israel-Palestine War

Future Investment Initiative to be held in Riyadh from 24th to 26th
BlackRock and JP Morgan Chairmen expected to attend
Currently overwhelming attendance but situation may change

Due to the war between Israel and the Palestinian armed group Hamas, corporate leaders are reportedly grappling with whether to attend Saudi Arabia's 'Future Investment Initiative (FII),' known as the 'Desert Davos Forum.'

[Image source=Reuters Yonhap News]

According to the New York Times (NYT) and others on the 17th (local time), the FII will be held from the 24th to the 26th in Riyadh, the capital of Saudi Arabia. Since its inception in 2017, the FII has been an annual event created by Saudi Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, to promote the economic agenda. It attracts top global leaders, major Wall Street banks, and corporate heads from around the world.

This year’s event is expected to be attended by key figures in finance such as Larry Fink, Chairman of BlackRock; David Solomon, Chairman of Goldman Sachs; Jamie Dimon, Chairman of JP Morgan; and Bill Winters, Chairman of Standard Chartered. Additionally, more than 70 Asian speakers, including Mukesh Ambani, Chairman of Reliance Industries and India’s richest person, are scheduled to participate.

However, the ongoing war between Israel and Hamas in the Gaza Strip is likely to be a decisive factor in whether these leaders attend. Since Hamas launched an airstrike on Israel on the 7th, the situation has been changing daily, with speculation mounting about an imminent Israeli ground troop deployment. There have also been continuous appeals to alleviate the humanitarian disaster.

Amid the turmoil in the Middle East, Saudi Arabia is actively working to resolve the crisis. The kingdom has suspended normalization talks with Israel, and Crown Prince bin Salman has held direct meetings with U.S. Secretary of State Antony Blinken and engaged in dialogue with the Iranian government, demonstrating proactive involvement in the situation.

For now, most are expected to attend as planned. This is a measure taken with Saudi Arabia’s influence in mind, as it plays the role of the world’s largest investor, pouring massive investments into finance, media, sports, and various other sectors. The organizers stated that over 5,000 people have registered for the event, but only two cancellations have occurred since the outbreak of the war.

However, the NYT explained, "If casualties in the Gaza Strip increase, everything could change. Arab leaders might pressure Israel to take a tougher stance to appease pro-Palestinian populations," adding, "If Saudi Arabia’s approach shifts, corporate leaders’ interests could also be affected."

As a result, while most attendees remain silent, the NYT reported that some hope Crown Prince bin Salman will cancel the event.

This content was produced with the assistance of AI translation services.