[link|http://www.nytimes.com/2002/02/17/opinion/17FRIE.html|So says the crown prince, and he goes on the record about it.]
Basically, the deal is this: He wants all 22 members of the Arab League to grant full diplomatic recognition of Israel, normalized trade, and security guarantees in exchange for Israel pulling back to the 1967 borders and allowing the formation of a Palestinian state.
The stumbling block, according to the crown prince, is Sharon.