{"text":[[{"start":9.52,"text":"A wave of Houthi attacks has threatened to overshadow Saudi Arabia’s flagship “Davos in the desert” event and a major energy conference in Riyadh, after six people were killed in strikes on the country’s airports this week."}],[{"start":21.44,"text":"Executives were racing to determine whether they could still travel to the events — which typically draw the CEOs of the world’s largest companies and investment banks — after the UK issued a travel warning for the region and several carriers suspended flights to Riyadh."}],[{"start":36.56,"text":"The latest waves of Houthi missiles struck Riyadh’s international airport on Thursday, killing three Saudi citizens, including a pilot, and hitting a plane belonging to flag carrier Saudia."}],[{"start":47.16,"text":"The attacks come just days before the World Petroleum Council’s Energy Congress, and two weeks ahead of the Future Investment Initiative conference, nicknamed “Davos in the desert”, Saudi Arabia’s flagship summit."}],[{"start":59.5,"text":"Italy’s energy minister has already opted out of attending a ministerial energy meeting next week, Rome said on Friday, and will instead speak by video link."}],[{"start":67.92,"text":"“We have no idea what’s going on,” said an executive at one firm scheduled to attend FII. “They want to go ahead with the show. But let’s see what happens. It’s a very dicey situation.”"}],[{"start":79.66,"text":"The latest strikes pose a fresh obstacle to Saudi Arabia’s Vision 2030 economic transformation plan, which aimed to attract an influx of foreign investment and tourists, but has been tested in recent years by a period of low oil prices and overspending on mega-projects."}],[{"start":95.32,"text":"Set in the palatial grounds of the King Abdulaziz International Conference Centre, this year’s FII is scheduled to feature speakers including BlackRock chief executive Larry Fink, JPMorgan chief executive Jamie Dimon, and Bridgewater founder Ray Dalio, according to the organiser’s agenda."}],[{"start":111.52,"text":"Riyadh is locked in a fresh round of conflict with Iran-backed Houthi rebels in Yemen, and the attacks have already disrupted business travel for many management consultants who fly into the kingdom."}],[{"start":121.16,"text":"One consultant said they had to drive almost 12 hours from Riyadh to Dubai on Thursday evening after flights stopped. Another consultant said their firm had cancelled travel to Saudi Arabia as of Friday, and a third said only partners would have clearance to go next week."}],[{"start":138.52,"text":"The UK on Thursday advised against “all but essential travel” to parts of Saudi Arabia, including Riyadh, which could make it hard for some banks to get insurance for staff attending the conferences."}],[{"start":151.4,"text":"But several foreign energy executives said they were still planning to attend next week’s WPC, saying they were mindful that “the Saudis remember who their friends were in bad times”."}],[{"start":162.72,"text":"Phil Miles, associate managing director at Kroll, a risk advisory, said executives are loath to pull out of an event as significant as FII, so companies are “deferring decision-making” until the last possible moment."}],[{"start":176.08,"text":"“You are sending your people into an environment where ballistic missiles are flying,” he added. “But this isn’t a daily occurrence.”"}],[{"start":184.76,"text":"Some senior bankers in the Middle East said they were still intending to come to FII, but would not bring their usual full cohort of staff. “I think company security teams will be getting very nervous,” said an adviser to a payments company."}],[{"start":198,"text":"Another senior banker said they expected fewer foreigners to attend FII, which he said would be “great for us! Less competition for face time.”"}],[{"start":207.64,"text":"The organisers of the FII and Saudi authorities will use the upcoming energy congress as a “bellwether” for whether to proceed with the summit, according to a person familiar with their thinking. Security is “obviously a big issue”, this person said."}],[{"start":221.92,"text":"“The final decision depends on the state security’s confidence that the airports, the venue, and hotels are sufficiently protected from cruise missiles,” they added."}],[{"start":231.72,"text":"A combination of budgetary restrictions and security concerns has already forced Saudi Arabia to cancel or postpone major entertainment events, including the Red Sea International Film Festival and the Joy Awards, often described as the Arabic version of the Grammys."}],[{"start":247.88,"text":"Several bank chief executives withdrew from the FII held just after the killing of journalist Jamal Khashoggi by Saudi agents in 2018, including JPMorgan’s Dimon and BlackRock’s Fink."}],[{"start":259.6,"text":"The FII and the Ministry of Energy did not immediately respond to a request for comment."}],[{"start":266.36,"text":"Additional reporting by Verity Ratcliffe, Ortenca Aliaj and Harriet Agnew"}],[{"start":277,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1791613071_1197.mp3"}