Saudi Arabia has postponed its flagship Future Investment Initiative conference until 2027, delaying a major gathering of international business leaders as escalating conflict in the Middle East raises security concerns across the kingdom.

The conference, widely known as “Davos in the Desert,” had been scheduled for October 26-29 in Riyadh. Organizers confirmed Monday that the event would move to next year, with replacement dates expected to be announced later.

The decision comes amid a widening regional conflict and attacks attributed to Iranian-backed Houthi militants in Yemen. Saudi Arabia has faced missile and drone threats targeting airports, energy facilities and other infrastructure, heightening concerns about the safety of international executives and other attendees.

Organizers said the postponement was intended to ensure the conference could meet expectations for its tenth edition. “This decision has been taken to ensure that our milestone tenth edition delivers the full scale, quality, and impact that our partners, members, speakers, and delegates expect,” they said in an email reported by The Wall Street Journal.

The gathering was expected to attract some of the most influential figures in global finance, including JPMorgan Chase CEO Jamie Dimon, Goldman Sachs CEO David Solomon, BlackRock CEO Larry Fink, Blackstone CEO Stephen Schwarzman and Citigroup CEO Jane Fraser. Some executives had already been reconsidering travel plans amid concerns that hotels, airports and other prominent locations could become potential targets.

The postponement represents a setback for Crown Prince Mohammed bin Salman’s Vision 2030 initiative, which seeks to reduce Saudi Arabia’s dependence on oil by expanding investment in tourism, technology, entertainment and manufacturing. Launched in 2017, the annual conference has become a prominent part of the kingdom’s campaign to attract foreign investment and establish Riyadh as an international business hub.

Recent security incidents have reinforced concerns about the regional threat. Saudi forces intercepted drones targeting the Riyadh region on Friday and Saturday, along with missiles launched over the Red Sea. One missile was reportedly headed toward Yanbu, a major oil-exporting port on the kingdom’s western coast.

The Houthis have also targeted Saudi energy infrastructure, raising concerns about the security of facilities that support global oil supplies. The attacks are unfolding as the U.S.-Israeli war with Iran continues to destabilize the region.

Saudi Arabia has postponed or modified other international events amid the security situation, including Riyadh Fashion Week and major sporting competitions. The disruption comes as the kingdom faces additional economic pressures, with officials forecasting a 3.6% economic contraction this year and military spending and infrastructure projects adding to demands on public finances.

Delaying the investment summit could complicate Saudi Arabia’s efforts to maintain investor confidence and promote its economic transformation. The conference was designed to showcase the kingdom as a destination for international capital, but the worsening security environment is threatening the business activity and global events that form part of that strategy.