Saudi Arabia on Monday postponed its flagship investment conference, the Future Investment Initiative, known as "Davos in the Desert." The event had been due to take place in Riyadh from October 26 to 29. It has now been pushed back to an unspecified date in 2027, CNN reported, as the kingdom faces a wave of attacks by Yemen's Iran-backed Houthis.

In a statement, the FII Institute said the decision was taken "to ensure that our milestone tenth edition delivers the full level of quality and impact that our partners, members, speakers and participants expect." Organizers said a new date would be announced soon and that all existing registrations and partnerships remain valid.

Several Wall Street heavyweights had been expected to attend. They included JPMorgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser, Goldman Sachs CEO David Solomon and BlackRock chief Larry Fink.

The postponement follows a string of Houthi attacks on the Saudi capital. Among them was a deadly missile strike on Riyadh's King Khalid International Airport earlier this month. Saudi airports, energy infrastructure and other strategic sites have also been targeted, prompting a number of countries to issue travel warnings for the kingdom.

The conflict has escalated sharply in recent weeks, with the two sides trading near-daily missile, drone and air strikes.

The annual gathering typically showcases Saudi Arabia's financial clout and its growing international profile. CNN described the postponement as a blow to the kingdom's efforts to diversify its economy away from oil and natural gas.