Shafaq News / The President of the World Bank, Ajay Banga, warned on Tuesday about the "severe" blow that ongoing conflict between Israel and Hamas could deal to global economic development.

Banga made these remarks during the seventh edition of the "Future Investment Initiative" conference in Saudi Arabia, a three-day annual gathering also known as "Davos in the Desert". Organizers stated that the event hosts over 6,000 registered delegates, with the participation of the heads of leading global banks, as well as the Presidents of South Korea, Kenya, and Rwanda.

He stated, "I believe that recent events in Israel and Gaza will have a far more dangerous impact on economic development. I think we are at a very critical juncture."

on October 7, hundreds of Hamas fighters infiltrated Israel from Gaza in an unprecedented attack since the establishment of Israel in 1948. This attack resulted in the deaths of over 1,400 people in Israel, the majority of whom were civilians, according to Israeli authorities. Additionally, around 220 hostages, including Israelis, foreigners, and dual nationals, were held.

On the other hand, the Palestinian Ministry of Health, affiliated with Hamas, reported that over 5,200 Palestinians, the majority of whom were civilians, including 2,055 children, were killed in Israeli airstrikes in response to the conflict.

Nevertheless, the outbreak of violence, triggered by Hamas' attack on Israel, castd a shadow on deal-making during the conference. Arab and Western leaders have expressed concerns about the possibility of a regional war that could diminish investment prospects in the region.

The sudden eruption of violence in Israel and Gaza is largely at odds with the Saudi leadership's vision for a stable and thriving Middle East. This comes at a time when Riyadh, earlier this year, restored its relations with its regional rival, Iran, and was on the brink of historic normalization with Israel.