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World Economic Forum Image Credit: AFP

Saudi Arabia has delayed its annual Future Investment Initiative conference, which in the past has hosted corporate titans including Jamie Dimon and Larry Fink, because of the coronavirus.

The event, hosted by the kingdom's sovereign wealth fund and dubbed Davos in the Desert by participants due to the presence of world leaders and captains of industry, was scheduled for October, according to the website for the conference. It will now be held on Jan. 26-28, Saudi Arabia's Future Investment Initiative Institute said in a statement.

The conference has been delayed "after careful consideration and assessment of the global travel and airline outlook, as well as the regulations imposed by a significant number of countries," it said.

The postponement is the latest global event to be hit by the coronavirus. The World Economic Forum rescheduled its annual event, actually held in Davos, until summer next year.