(Bloomberg) -- The escalating tensions between Israel and Hamas are prompting global business chiefs to think more about security issues, according to Citigroup Inc. Chief Executive Officer Jane Fraser. 

“There is a new S in ESG which is security, be it food security, energy security, it could be defense, or financial security,” Fraser said on the first day of Saudi Arabia’s flagship investment conference. “That’s certainly a theme for all CEOs around the world - how to build more resilient companies and countries.”

Fraser was speaking on a panel alongside JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon, and HSBC Holdings Plc head Noel Quinn. The Future Investment Initiative is being held against the backdrop of war between Israel and Hamas, which is designated a terrorist group by the US and Europe.

“We’re sitting here with a backdrop of the terrorist attack in Israel and the events that have unfolded since, and it’s desperately sad,” Fraser said. “It’s hard not to be a little pessimistic.”

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