On Tuesday, the World Bank president warned of a "serious" blow to global economic development at an investor conference in Saudi Arabia, citing the conflict between Israel and Hamas.
"What just happened recently in Israel and Gaza -- at the end of the day you put all this together, I think the impact on economic development is even more serious," Ajay Banga said. He said, "I think we're at a very dangerous juncture."
According to Israeli officials, at least 1,400 people were killed when Hamas militants invaded Israel from the Gaza Strip on October 7. Most of the victims were civilians who were shot or set on fire during the first day of the operation.
Two hundred twenty-two people, including elderly and small children, were also taken hostage by the militants, according to the most recent count by the Israeli authorities.
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Numerous foreigners and dual nationals are among the hostages.
According to the Hamas health ministry in Gaza, the most recent death toll from Israel's retaliatory bombardment of the Gaza Strip is over 5,000, most of whom were civilians.
Speaking at the annual Future Investment Initiative—also known as "Davos in the Desert"—was Banga.
According to the organizers, the presidents of South Korea, Kenya, and Rwanda and executives from central global banks are scheduled to speak during the three-day event with more than 6,000 registered attendees.
Saudi Arabia, which restored ties with Iran this year and was in talks to recognize Israel before the fighting, has championed a vision of a more prosperous and stable Middle East, starkly contrasting the shocking violence in Israel and Gaza.
In recent weeks, Saudi Arabia has declared its support for the Palestinian cause and denounced violence against civilians in Gaza.
This month, AFP was informed by a source acquainted with talks regarding potential normalization with Israel that the process had been put on hold.
The world's largest crude oil exporter, Crown Prince Mohammed bin Salman, is pushing the Vision 2030 reform agenda to wean the country off fossil fuels, but the war breaks out midway through the plan.
Despite concerns about increased unrest in the region, Saudi officials have clarified that they want to move forward with their reform initiatives.
This week's events in the capital include FII, fashion week, and a boxing match between Francis Ngannou and Tyson Fury.
Prince Mohammed revealed plans on Monday to hold the inaugural eSports World Cup in the summer.
A gigantic dove flashed on a screen behind Britain's Got Talent contestant Malakai Bayoh during his vocal performance during the FII opening ceremony.
In his remarks on Tuesday, the governor of the wealthy Saudi Public Investment Fund, Yasir al-Rumayyan, made a passing reference to the Israel-Hamas conflict. Still, he did warn about the difficulties high-interest rates brought on.
"Businesses and governments worldwide have been adjusting to this new reality as central banks have tightened monetary policy in an attempt to slow inflation. This has resulted in major and unpredictable disruptions and is the fastest rate increase since the early 1980s," he said.
Nevertheless, he hoped that "we can see the acceleration of growth and productivity even in a high interest rate environment."
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