In a bid to prevent the Israel-Hamas conflict from spiraling into a regional war, Saudi Arabia has reportedly reached out to Iran with a proposal for investments in its economy.

The offer comes with the condition that Iran reins in its regional proxies, preventing them from escalating the ongoing conflict.

Arab and Western officials familiar with the matter revealed that Saudi Arabia has conveyed the proposal directly and through various channels following Hamas's invasion of Israel on October 7 and the subsequent conflict in Gaza.

The potential for increased collaboration was also discussed during a recent summit in Riyadh, where Iranian President Ebrahim Raisi and Saudi Crown Prince Mohammed Bin Salman addressed the war.

Simultaneously, Saudi Arabia is working with its allies, including the United States, to prevent Iran from leveraging the conflict to strengthen its "axis of resistance," encompassing armed groups in Lebanon, Palestinian territories, Iraq, Syria, and Yemen.

US Assistant Secretary of State Barbara Leaf confirmed Washington's collaboration with Saudi Arabia and its Arab allies in addressing Tehran's involvement.

As of now, neither the Saudi Foreign Ministry nor the Saudi Embassy in Washington has issued an immediate response to requests for comment on the matter. The region remains on edge, with concerns that a broader war could ensue if Israel resumes its military campaign against Hamas after the current truce concludes.

The Israel-Hamas conflict has become the bloodiest conflict since Hamas took control of Gaza in 2007.