The Gaza war raging between Israel and Hamas could deal a heavy blow to the global economy, banking titans told a glitzy investment forum in Saudi Arabia on Tuesday. 'What just happened recently in Israel and Gaza ...
Israel has bombarded targets in the Gaza Strip for more than two weeks since Hamas's deadly cross-border attacks on October 7 and is poised for a widely anticipated ground offensive. Photo: Jack Guez / AFPThe 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.
"We're sitting here with the backdrop ... of the aftermath of the terrorist attack in Israel and the events that have been unfolding since, and it's desperately sad," Citi CEO Jane Fraser said.The war stands in stark contrast to the vision of a more stable and prosperous Middle East championed by Saudi Arabia, which this year rebuilt ties with Iran and was in talks towards recognising Israel before the fighting broke out.
"It's harder to get people to invest, to golf in Riyadh, or to sun along the Red Sea coast when the region is associated with war and terrorism."
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