Iranian President Mahmoud Ahmadinejad said Sunday that this week's Annapolis peace conference would only serve Israel, the official Islamic Republic News Agency reported. Nearly 50 nations and organizations are set to attend the summit on Tuesday in Annapolis, Maryland to relaunch the long stalled Middle East peace process. Iran is not among the invitees. "The peace conference has no benefit for the oppressed Palestinian nation. It is only for supporting the Zionists occupiers," Ahmadinejad said, according to the agency. "Participation in this summit is an indication of the lack of intelligence of some so-called politicians," he said, accusing the participants of giving concessions to the "Zionists." "I am sorry that some people around us plan to participate in the conference, which like its previous ones will not have any benefit," Ahmadinejad added, apparently referring to his Arab neighbors who announced their readiness to attend the conference on Friday.