Wall Street execs wary of traveling to Saudi Arabia for 'Davos in the Desert'

Wall Street executives are wary of traveling to Saudi Arabia next week for the Future Investment Initiative conference — known as the "Davos in the Desert" — due to recent Houthi attacks on the country.

Some executives at JPMorgan Chase (JPM) and Citigroup (C) are monitoring planned travel and have already canceled meetings in some cases, people familiar with the matter told The Wall Street Journal.

JPMorgan (JPM) CEO Jamie Dimon and Citi (C) CEO Jane Fraser are scheduled to attend the event. Personnel around them are actively deliberating whether to go, but neither bank has made a formal decision yet.

Saudi Arabia is expected to make a final decision as soon as Monday on whether it should hold the conference, Semafor reported, citing people familiar with the matter.

Security concerns have mounted since recent attacks on the international airport in Riyadh, because of which flights to and from the city were halted all week. The airport reopened on Sunday, but many flights remain suspended.

Executives are worried that hotels and landmarks near the conference could become targets for Houthi attacks.

Saudis Arabia considered offering remote participation for the event, but no decision has been announced, WSJ reported.

Walking away from attending the event would risk offending Saudi Arabia at a time when financiers have strengthened ties with the kingdom to secure capital for AI ventures and private equity.

Saudi Arabia is also courting investors for Prince Mohammed bin Salman's Vision 2030, which aims to diversify the kingdom's economy beyond oil.

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