China may be seen as a potential mediator in the Middle East but economic integration within the region is more likely to drive change there, according to observers at the World Economic Forum’s annual meeting in the northeastern Chinese city of Dalian.

The “Summer Davos” gathering in Liaoning province this week comes as Washington and Tehran try to reach agreement on Iran’s nuclear programme and the reopening of the Strait of Hormuz.

Corporate leaders at the meeting said that with the wartime destruction, there was a massive need to rebuild – and opportunities.

Mazen Darwazah, executive vice-chairman of Jordan-based Hikma Pharmaceuticals, said destruction across Iran, Israel and the Gulf states had left a “big bill”, but also offered a historic opportunity for a new generation.

“We failed in politics. Maybe now, hopefully, with the new generation [we] can work together,” Darwazah said, suggesting that educated local companies were now far better equipped than in previous decades to independently lead rebuilding efforts.