Wall Street’s biggest names are attending Saudi Arabia’s annual investment conference Tuesday, as they try to look beyond risks that the Israeli-Hamas war could spread regionally. JPMorgan CEO Jamie Dimon and Citigroup CEO Jane Fraser are among those attending.

Over the next three days, about 6,000 participants from more than 90 countries will attend the Future Investment Initiative, dubbed “Davos in the Desert.” Even as US Secretary of Defense Lloyd Austin warned Sunday of potential escalation in the Middle East and possible attacks on American interests, the event has retained its popularity.

As a result of the Hamas attack on October 7, Israel has escalated its offensive against the Palestinian militant group and other regional enemies. Hezbollah cells in Lebanon and targets in the occupied West Bank have been struck by Israel Defense Forces as their bombardment of the Gaza Strip intensifies.

Senior executives will still head to Riyadh over the coming days to meet with clients and speak on panels at the FII despite the escalating conflict.

Among the other notable attendees were Blackrock’s Larry Fink, Goldman Sachs CEO David Solomon, HSBC CEO Noel Quinn, billionaire hedge fund founder Ray Dalio, and private equity executives Stephen Schwarzman and Harvey Schwartz from Blackstone and Carlyle.

High-profile guests at the event indicate investors’ interest in the Middle East, which saw some of the strongest economic growth worldwide in 2022.

Saudi Arabia’s enormous sovereign wealth fund is another powerful draw. Increasing interest rates and increasing geopolitical tensions have dampened the appetite for risk-taking among institutions in Europe and the United States, giving the Public Investment Fund a growing role as a global investor.