"This conference and the sale of Palestine will lead nowhere," Abbas Mousavi was quoted as saying by ISNA news agency.
US President Donald Trump's economic vision as part of the wider plan to resolve the Israeli-Palestinian conflict was unexpectedly released on Saturday.
The plan, released three days ahead of the Bahrain summit, highlighted a potential $50 billion in investments over the next decade.
More than half the funds ($28 billion) would go toward the West Bank and Gaza Strip, while the rest would be divided among Jordan, Egypt and Lebanon.
Mousavi also criticized Andrew Murrison, Britain's minister for the Middle East, for his remarks on Sunday after a visit to Tehran. Murrison said Iran almost certainly bears responsibility for recent attacks on tankers in the Gulf of Oman.
"What (Murrison) said after the meetings was not constructive. It seems Britain is siding with America due to its domestic problems and Brexit crisis," Mousavi said.
Omri Nahmias contributed to this report.