Normalization of ties with Israel, according to the Saudi Foreign Minister, would be extremely beneficial, but it would be contingent on the success of the peace process.

A normalization agreement between Saudi Arabia and Israel will be beneficial to the region, according to the kingdom's foreign minister, who added that the deal's success "depends to a great degree on the progress of the peace process."

During an interview on Thursday, Saudi Arabia's Foreign Minister Faisal bin Farhan Al Saud added that "normalizing Israel's role within the country would bring enormous benefits to the country as a whole."

In an interview with CNN, he said that it would be “extremely beneficial economically, socially, and from a security perspective,” but that it would only be feasible if a Palestinian state within 1967 borders was delivered. Saudi Arabia has earlier stated that it would only normalize relations with Israel as part of a deal that would provide Palestinians with a sovereign nation.

In December of last year, Prince Faisal said, what we require to achieve is a peace deal that delivers a Palestinian state with dignity and viable sovereignty that Palestinians will accept."

He went on to say that normalizing relations with Israel have long been a dream of Saudi Arabia's and that the kingdom imagined such a move in return for the establishment of a Palestinian state within the 1967 borders.

The Abraham Accords were signed in September of last year by the United Arab Emirates and Bahrain to equalize ties with Israel. Sudan and Morocco have joined forces since then. The agreements were the first since Egypt and Jordan recognized Israel in 1979 and 1994.

The agreements reached last year, which were mediated by former US President Donald Trump's administration, included a moratorium on Israel's proposed annexation of Palestinian territory.

Normalization, according to Palestinian officials, is "a strike in the back of the Palestinian movement and the Palestinian people." The Arab Peace Initiative, initiated by Saudi Arabia in 2002, closely resembles a two-state solution to the Palestinian-Israeli dispute.

The agreement called for normalized relations between Israel and other Arab states in return for Israel's complete withdrawal from lands it occupied in the 1967 war, including the Golan Heights, East Jerusalem, and the West Bank. The Arab League reaffirmed the plan over time, but it was never enforced as Israel's occupation and settlement growth in the West Bank continued.