The Israel-Palestine situation could deal a heavy blow to the global economy, banking titans have told a glitzy investment forum in Saudi Arabia, according to AFP . The dour mood from some of the gathering’s most high-profile speakers underscored how the conflict threatens attempts by the world’s biggest oil exporter to diversify its economy away from fossil fuels.

“What just happened recently in Israel and Gaza … you put all this together, I think the impact on economic development is even more serious,” World Bank President Ajay Banga told the Future Investment Initiative (FII).

“I think we’re at a very dangerous juncture,” he added at the event often referred to as “Davos in the Desert”.

BlackRock CEO Larry Fink said that “if these things are not resolved, it probably means more global terrorism, which means more insecurity, which means more (of) society is going to be fearful, less hope”.