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. In October, Iran called the conference a hopeless exercise, but fear over the Islamic Republic's the growing influence and regional ambitions may have helped push the Arabs and Israelis to finally solve the six-decade old conflict. According to US and other Western intelligence, Iran has helped establish what amounts to a client state in the Gaza Strip, the smaller of two Palestinian territories that would make up an eventual independent nation. Iran denies the charge and says its support to Palestinian groups is limited to humanitarian aide.