RIYADHLONDON, Oct 24 Reuters Wall Street39;s top financiers showed up in force at an annual financial conference in Saudi Arabia on Tuesday despite broad concerns over travel in the Middle East in the wake of an escalating conflict between Israel and Hamas militants.

Goldman Sachs39; David Solomon, JPMorgan39;s Jamie Dimon and Citi39;s Jane Fraser were among a group of highprofile bankers and asset managers speaking at the Future Investment Initiative FII conference at the Ritz Carlton Hotel in Riyadh.

The annual event is typically used by attendees as an opportunity to build relationships with some of Saudi Arabia39;s biggest companies and its 778billion sovereign wealth fund, drawn by the promise of deals as the kingdom embarks on an ambitious reform plan to wean its economy off oil.

But the risk of escalation of the war between Islamist group Hamas and Israel into a broader conflict has overshadowed the event now running in its seventh year and nicknamed by attendees as Davos in the Desert, a nod to the annual gathering of world leaders and corporate bosses in the Swiss Alps.

The last year has seen Saudi Arabia spend billions on companies, from sports to gaming to aviation. This year, Saudi Telecom Corp took a near 10 stake in Spain39;s Telefonica.

Reporting by Hadeel Al Sayegh; Editing by Anousha Sakoui and Amanda Cooper

Source Reuters