The Muslim world would flourish if a peace agreement is reached between Palestine and Israel, according to Munib Rashid al-Masri, the veteran Palestinian and Jordanian statesman.
However, he added that failure to find an accord would lead to an economic shock of huge proportions for the region.
Al-Masri, also known as the "Duke of Nablus" and the "Palestinian Rothschild" is a prominent voice in Middle East politics.. He has three times turned down offers to become prime minister of the Palestinian Authority. He is also chairman of the Palestinian Development and Investment Company, whose shareholdings and interests cover a quarter of the Palestinian economy.
Speaking on CNBC's Access Middle East he warned of the economic consequences for the region if conflict continued.
"A big volcano is erupting and it will take everything away. a big tsunami is coming," he said.
Al-Masri is a strong believer of a two-state solution and echoed Israeli President Shimon Peres's comments to CNBC back in June when he called for the establishment of an independent Palestinian state.