Haaretz reports,

Arab leaders gathering for a two-day summit in Saudi Arabia unanimously approved Wednesday the Saudi peace initiative originally launched in 2002.
Palestinian Authority Chairman Mahmoud Abbas voted in favor of the initiative, although Palestinian Prime Minister Ismail Haniyeh of Hamas abstained in the vote.
The plan offers Israel recognition and permanent peace with all Arab countries in return for Israeli withdrawal from lands captured in the 1967 Six Day War. It also calls for setting up a Palestinian state with East Jerusalem as its capital and a just solution to the issue of Palestinian refugees.

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The Telegraph reports,

As leaders began gathering in the Saudi capital, Riyadh, for today’s summit of the Arab League, Prince Saud al-Faisal told The Daily Telegraph that the Middle East risks perpetual conflict if the peace plan fails.
[…] Prince Saud said Israel should accept or reject this final offer.
“What we have the power to do in the Arab world, we think we have done,” he said. “So now it is up to the other side because if you want peace, it is not enough for one side only to want it. Both sides must want it equally.”