Members of the global financial elite are increasingly wary of traveling to Saudi Arabia for a highly anticipated gathering of corporate executives and investors next week, but they are weighing their own security against the risk of offending their wealthy hosts.

Some bankers and executives at JPMorgan Chase and Citigroup are carefully monitoring planned travel to the Future Investment Initiative conference and in some cases already canceling meetings, according to people familiar with the matter. No formal decision has been made yet by either organization.

Personnel around JPMorgan’s Jamie Dimon and Citi’s Jane Fraser are actively deliberating whether to go but are concerned about the risks, some of the people said.

Both CEOs are scheduled to attend. A spokesman for JPMorgan declined to comment. A spokeswoman for Citi said, “We’re monitoring developments.”Wall Street executives are having conversations with security teams about what to do, said people familiar with the matter. Among their obvious concerns: The airport in Riyadh has been attacked and there are worries that certain high-profile hotels and landmarks around the conference could be prime targets.

Saudi authorities said Sunday that a hostile projectile struck the southern city of Najran, injuring six. Earlier this month, a Houthi strike on the Saudi capital’s international airport killed at least 13 people and injured hundreds.

The Saudis have considered turning the event into a hybrid offering, allowing international figures to attend online, according to a person familiar with the matter. But no decision has been announced.

If the conference were to offer remote participation, that would make the decision substantially easier for the executives, who wouldn’t have to commit the faux pas of bowing out themselves, according to one executive who is scheduled to attend.

“At the end of the day, the decision is about protecting human life,” said Dave Komendat, partner and chief security officer at Corporate Security Advisors, a risk consultancy. “If the environment can’t be controlled and isn’t secure, the board members and C-suite of publicly traded companies have a fiduciary responsibility to keep themselves safe.”Executives who were scheduled to go to Riyadh said that they are unlikely to travel if the risk of more attacks from Iran-backed Houthi rebels remains elevated in the coming days.

But none of them want to be the first to walk away from the marquee event in Crown Prince Mohammed bin Salman’s efforts to bring the oil-rich giant closer to the financial centers of the world.

“Every company that has different business dealings with the government or companies within Saudi Arabia are going to evaluate if they think their competitor is going, and if their absence sends the wrong message,” Komendat said. “Every one of those data points gets factored into whatever decision is made, and there will be some folks that will be willing to roll the dice.”It was eight years ago that many on Wall Street shunned the “Davos in the Desert” conference after the murder of Washington Post journalist Jamal Khashoggi. At the time, some Saudi officials viewed attendance at the conference as a loyalty test of sorts.

But the kingdom has repaired its relationships with the financial world, and Prince Mohammed is pursuing a Vision 2030 agenda to turn the petrostate into an international hub of trade, technology and culture.

Financiers from around the world have strengthened ties with Saudi Arabia in recent years both to secure capital for artificial-intelligence ventures and private equity, as well as to help the country raise money from investors to complete the prince’s ambitious transformation agenda. The conference is a symbol of Saudi Arabia’s new economic model, bringing financiers and corporate leaders into the country.

The Iran-backed Houthi militants in neighboring Yemen now pose new challenges to the crown prince’s ambitious plans to transform the country’s oil-dependent economy.

Along with the conference, scheduled to take place between Oct. 26 and 29, Wall Street is anxious to see how the recent attacks and the slowing of oil exports will impact Saudi Arabia’s economic transformation, and whether the country will have to pull back from global investments to rebuild its own infrastructure.