I think if your concern is safety, then the real decision comes down to how much you trust the friend.
If you trust him, and he says he will take care of you, then I wouldn't worry about it. In many parts of the world, being in the company of the locals who know their ways around is usually the safest bet.
If you don't trust him, the decision is obvious.
On the other hand, if you are simply not thrilled about going to the party (not because of safety concerns), just politely decline. Time spent on things you don't enjoy is time wasted.
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