The prince’s bet on Trump is blowing up in his face

October 23, 2026 — 5:10pm

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In any other year, Mohammed bin Salman would be getting ready for his star turn. October 26 was supposed to be the scheduled start of the Future Investment Initiative (FII), an annual summit in the Saudi capital that is sometimes dubbed “Davos in the desert”. The crown prince usually spends the week glad-handing heads of state, titans of finance and other dignitaries, all eager to do business with his kingdom.

Not this year. The Houthis, an Iran-backed militia in Yemen, have spent weeks firing missiles and drones at Riyadh. The airport is still, in effect, shut after a series of deadly attacks. Many Western governments have warned their citizens not to travel to the kingdom. Executives were nervous hotels or other venues could be targets. After days of deliberation, organisers decided on October 19 to postpone the event until next year.

As he rose to power a decade ago, Prince Mohammed made a few big gambles. He wagered that he could defeat the Houthis; that he could reshape the Saudi economy; and Donald Trump would prove a reliable ally. All of them have gone awry. Cancelling FII is emblematic of Prince Mohammed’s annus horribilis. He faces a set of interlocking crises, none of which has a solution.

The Saudis failed to defeat the Houthis, but they had hoped a ceasefire agreed in 2022 would contain the threat. Instead, the truce began to unravel because of America’s broader war with Iran. The Houthis have seized additional territory in Yemen and........

© Brisbane Times