Bloomberg: What Saudi Arabia will get in exchange for normalization with Israel

The United States and Saudi Arabia are close to reaching a historic agreement that would provide the Kingdom of Saudi Arabia with security guarantees and determine a possible path for diplomatic relations with Israel.

Bloomberg said that the agreement faces many obstacles, but it will represent a new version of the framework that was canceled as a result of the war between Israel and Hamas in Gaza.

Bloomberg said that according, sources, who requested to remain anonymous, confirmed that negotiations have accelerated in recent weeks, with many officials feeling optimistic that Washington and Riyadh may reach an agreement within weeks.

“Such a deal would likely reshape the Middle East; In addition to strengthening the security of Israel and Saudi Arabia, it would also strengthen the position of the United States in the region at the expense of Iran and even China,” according to Bloomberg.

Bloomberg added that the agreement would need Congressional approval because it could give Saudi Arabia access to advanced US weapons that were previously prohibited.

The agreement also includes Saudi Arabia’s agreement to limit the use of Chinese technology in sensitive networks in the country in exchange for large US investments and assistance in building a civilian nuclear program.

Bloomberg indicates that once Washington and Riyadh reach the expected agreement, they will present two options to Israeli Prime Minister Benjamin Netanyahu: either join the deal, which requires establishing official diplomatic relations with Saudi Arabia and more investment and regional integration, or move forward without it.

Bloomberg added that the basic condition that will be placed before Netanyahu relates to the necessity of ending the war in Gaza and agreeing to a path to establish a Palestinian state.

However, Bloomberg suggests that there will be several obstacles in the way of the agreement, including the issue of convincing Congress to approve a deal that commits the United States to protecting Saudi Arabia militarily, which is difficult for the White House, especially if Israel chooses not to join the agreement.

Many US lawmakers are also still concerned about Saudi Crown Prince Mohammed bin Salman, and also uneasy about Saudi Arabia’s strategy to reduce oil production, which has caused crude prices to rise.

On the Israeli side, Netanyahu leads the most right-wing government in the country’s history, and he previously ruled out moving forward with the two-state solution option.

The ruling coalition in Israel also confirms that it’s still planning to attack the city of Rafah in Gaza, which the United States and Arab countries fear will lead to the death of thousands more Palestinian civilians.

Such an attack would also jeopardize the prospects for a short-term ceasefire, which US Secretary of State Antony Blinken, who met Netanyahu in Jerusalem on Wednesday, says is a priority for President Joe Biden.

However, the leaders of the three countries have plenty of incentives to reach an agreement soon.

For Biden, such an agreement is an opportunity to achieve a foreign policy victory before the presidential elections scheduled for November.

Also, with regard to Saudi Arabia, reaching an agreement will spare the Saudi Crown Prince the uncertainty of whether former President Donald Trump will accept signing the deal if he wins the November elections.

Netanyahu, who Bloomberg said would be the biggest winner, could get the chance to normalize relations with the largest economy in the Middle East and the country responsible for protecting Islam’s holiest sites, a goal he has long sought.

Bloomberg quotes US officials as saying that the talks are ongoing, but they refused to comment on the details.

The Saudi Arabia government didn’t immediately respond to a request for comment, and Netanyahu’s office also refused to comment.

Blinken said, on Monday, during his visit to Saudi Arabia, “We’ve done extensive work together over the past months… I believe that the work that Saudi Arabia and the United States have been doing together regarding our special agreements may be very close to completion”.

At the same event, Saudi Foreign Minister Faisal bin Farhan said that the agreement was “very, very close”.

The administration of US President Joe Biden is seeking to conclude a normalization agreement between Saudi Arabia and Israel, completing a path that began during the era of his predecessor, Donald Trump, and which, as of 2020, resulted in the signing of agreements between the Hebrew state and several Arab countries, namely the Emirates, Bahrain, Morocco, and Sudan.

Discussions regarding the Saudi-Israeli agreement were affected by the outbreak of war between Israel and Hamas in the Gaza Strip on October 7.

Saudi Arabia strongly criticized the retaliatory war launched by Israel in the Gaza Strip, which resulted in the killing of more than 34,000 people, most of them women and children, according to Hamas health authorities.

Riyadh said it wouldn’t establish relations with Israel until Israeli forces withdraw from the besieged Strip and an agreement is reached on establishing a Palestinian state.