It's a Big Loss for Saudis, and Not on the Battlefield

Houthis just scored a big victory against Saudi Arabia without firing a single weapon. The nation is calling off plans to have major investors from around the world visit next week for what had been billed as "Davos in the Desert," reports the Wall Street Journal. At best, the nation may still stage its Future Investment Initiative online, but the more likely scenario is that the forum will be canceled entirely. A decision is expected Tuesday. The Financial Times also reports that postponement is likely.

The move comes as Houthi fighters aligned with Iran have ramped up attacks against the kingdom, including a deadly strike on the airport in Riyadh. The loss of the economic forum is particularly bad news for Crown Prince Mohammed bin Salman, who has been trying to position his nation as an international financial hub and turn around the country's struggling economy.