Even before the Iran war began, Wall Street executives were privately questioning Saudi Arabia’s ability to deploy cash. Now, strikes by Yemen’s Houthis could further imperil Riyadh’s quest to lure foreign investment just when the kingdom needs it the most.

In under two weeks, the city is set to host the Future Investment Initiative, which typically draws executives from around the world. Organizers are now sizing up a range of contingency measures on how to hold the conference if the situation materially deteriorates, people familiar with the matter said.

Some executives could attend panels virtually, like during the Covid pandemic, according to the people. The capital’s main airport, a gateway to the kingdom for tourists and the titans of finance alike, is shut for now following deadly attacks. That’s left many bankers and executives scrambling to reassess travel plans.

With some mega projects being reworked and private capital increasingly important to their financing, the event offers Riyadh a chance to demonstrate that global investors remain willing to back its plans. But travel warnings from the US and UK have prompted some to reconsider attending.

Firms are likely to evaluate the situation closer to the event, people familiar with the matter said. Other executives, who also declined to be identified discussing sensitive information, said companies were reluctant to be the first to pull out and some may wait for official guidance.

FII directed Bloomberg News to a statement made on Sunday, which said organizers are preparing to “welcome thousands of delegates to Riyadh” for the event starting Oct. 26.

“This hits at the heart of the economic goals the kingdom is trying to achieve in terms of attracting foreign investors,” said H.A. Hellyer, a senior associate fellow at the Royal United Services Institute for Defence and Security Studies. “The entire vision is being held hostage by the Houthis.”The Riyadh conference drew agreements worth more than $50 billion in 2025. Public Investment Fund Governor Yasir Al-Rumayyan has said the event has enabled over $250 billion in cumulative deals since inception. The final value is harder to ascertain as many announcements are memoranda of understanding.

The confab has been a key part of Crown Prince Mohammed bin Salman’s attempts to make Saudi Arabia’s case to the global financial establishment. In 2017, the defacto ruler sat alongside Blackstone Inc.’s Steve Schwarzman and SoftBank Group Corp.’s Masayoshi Son at the first iteration of the event to unveil a next-century city called Neom.

More recently, the kingdom has started to chip away at some of those plans and pivot to areas like artificial intelligence, gaming and high-tech manufacturing. Much of that requires global buy-in and FII organizers have unveiled a slate of big name attendees, from Goldman Sachs Group Inc.’s David Solomon to BlackRock Inc.’s Larry Fink, indicating their determination to keep the kingdom’s economic agenda on track.

“There is no way that somebody will break our back,” Energy Minister Prince Abdulaziz bin Salman said at an event this week. “We are like a phoenix. We come out of the ashes all the time and every time.”While some investors may rethink plans due the evolving security situation, the kingdom will still attract money in oil and gas, said Khalid Al-Jufairi, Al-Khaleej Fellow at the Fiker Institute. The country will also likely get investments and support from other wealthy Gulf nations, he added.

Get the Mideast Money newsletter, a weekly look at the intersection of wealth and power in the region.

And despite its financial strains, Riyadh has continued to make at least some enormous international bets. Many firms continue to eye opportunities like a deal for Electronic Arts Inc., which landed banks including JPMorgan Chase & Co. millions in fees, and last year’s confab featured a clutch of firms lining up to announce a greater presence in the kingdom.

“Saudi Arabia’s PIF has slowed down the volume of investments outside of the kingdom,” Global SWF said in a recent report. “Yet, it has placed some high-conviction bets and has significantly concentrated its portfolio overseas.”Still, such deals are increasingly few and far, prompting Wall Street to focus on other countries. Following a tenuous ceasefire in April, a procession of executives have made their way to regional hubs. Citigroup Inc. CEO Jane Fraser and Brookfield’s Bruce Flatt have flown to Abu Dhabi; Flatt later showed up in Kuwait, as did Franklin Templeton CEO Jenny Johnson. Fink is among the few senior Wall Street names to have publicly visited the kingdom in this time.

The FII has also weathered crises before. In 2018, the murder of journalist Jamal Khashoggi prompted prominent executives to withdraw. Wall Street veteran Ken Moelis was among those who chose to maintain his relationship with Saudi Arabia’s government and his firm has emerged as a key advisor to the kingdom.

“In moments of crisis, showing up is very meaningful,” said Karen Young, senior research scholar at Columbia University’s Center on Global Energy Policy. “People and institutions that understand that will make the effort and those that were kind of dipping their toe in the water will be scared.

The recent security challenges aren’t without precedent. The Houthis have targeted Saudi airports and energy infrastructure in the past, including strikes that temporarily halted about half the kingdom’s oil production. Other hubs, including Dubai, Abu Dhabi and Doha, meanwhile faced Iranian strikes after the regional war began in February.

But the current episode raises fresh questions about Riyadh’s appeal as a business hub. The situation is particularly problematic for professionals who choose to live in other Gulf hubs while commuting during the week to Riyadh. In recent days, many have been forced to secure cars to drive back.

“The Houthis are demonstrating there is a price to be paid with Saudi’s vision of the kind of security and stability they need to attract investment to the kingdom,” said Aaron David Miller, Senior Fellow at the Carnegie Endowment for International Peace. “The Saudis are vulnerable.”