Saudi Arabia has postponed its big annual investor conference until 2027 as Iran-backed Houthi militants have escalated missile and drone attacks on the kingdom in recent weeks.

The Future Investment Initiative was originally scheduled to take place in the Saudi capital Riyadh from Oct. 26 to Oct. 29.

The decision to postpone the conference comes after the Houthis attacked King Khalid International Airport in Riyadh on Oct. 10, leaving at least 12 people dead and more than 300 injured.

The conference organizers said in an email that they will communicate new dates for the event soon. Some of the biggest names in business and finance were listed as speakers for the conference.

They included JPMorgan Chase's Jamie Dimon, Goldman Sachs' David Solomon, Blackstone's Stephen Schwarzman, BlackRock's Larry Fink and Citigroup's Jane Fraser.

CNBC was told some participants and speakers had planned to travel to Saudi Arabia by flying first to Bahrain and then driving five hours to Riyadh.

Saudi Arabia's sovereign wealth fund launched the Future Investment Initiative in 2017. The conference has played a key part in Riyadh's plans to diversify its oil-dependent economy. Crown Prince Mohammed bin Salman unveiled the ambitious megaproject NEOM at the first conference in 2017.

The decision to postpone the conference underscores the deteriorating security situation in the Middle East as the U.S-Iran war spreads across the region. Houthi militants have launched repeated waves of missile and drone strikes at Saudi Arabia since the deadly airport attack earlier this month.