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Israel's defence minister has said he did not see an end to the Palestinian-Israeli conflict during his lifetime, claiming that Palestinians had "slammed the door" on peace talks.

Moshe Yaalon, 64, made the bleak comment during the annual Herzliya Conference near Tel Aviv on Tuesday.

One of Prime Minister Benjamin Netanyahu's most senior and closest allies, Yaalon dealt yet another blow to any potential peace prospects between Israel and Palestine.

Yaalon stated: "I do not see a stable settlement during the period of my life, and I plan to live a bit more."

The Israeli official seemed to be mirroring his leader's stance. In March, Netanyahu told the Makor Rishon newspaper that there would be "no Palestinian state on his watch".

This is not the first time a senior Israeli official has made such a controversial comment. In May, deputy foreign minister, Tzipi Hotovely, quoted the Bible to bolster her argument that the whole of Israel and occupied Palestinian territories belonged to the Jews.

Israel's continuous hardline and aggressive policies in occupied Palestinian territories have come under a lot of criticism for many years.

The Arab League, which represents Arab countries, stressed that Israel's policies threatened international security and peace and diminished the chances of a two-state solution.

The Arab League also called on all the parties involved in the peace process, in addition to the UN Security Council, to take full responsibility and decisively stand in the face of Israel, accusing it of ignoring international resolutions and peace initiatives.

The peace process is one that has been pushed for by many, including international leaders and organisations.

An American research organisation on Monday released a new study saying Israelis and Palestinians would gain billions of dollars from making peace with each other.

The Rand Corporation, a US nonprofit research group, found that following a peace agreement, Israelis stood to gain $120 billion over the course of a decade, and Palestinians would gain $50 billion, marking a 36 percent rise in their average per-capita income.

The findings are in line with long-time arguments that peace is in the economic interest of both sides.