A cash boost of hundreds of millions of dollars and more control of land in the occupied West Bank are among Palestinian demands in the event of a three-way deal involving the US, Saudi Arabia and Israel.

On Wednesday, Palestinian Authority (PA) officials met with Saudi counterparts in Riyadh.

Additionally, they were scheduled to meet with US officials.

A landmark pact to normalize Israel-Saudi relations is long thought to have been pushed by the Americans.

Washington would underwrite the deal, which would include a major US-Saudi security agreement. However, the prospects for such agreements remain distant due to significant obstacles.

Jake Sullivan, White House National Security Advisor, said on Tuesday there won’t be any announcements or breakthroughs in the near future.

After American officials visited Riyadh, Amman, and Jerusalem this summer, speculation about the framework for any deal has resumed, given the scope for a historic realignment of Middle East relations.

The Saudi-Israel agreement could be viewed by US President Joe Biden as a breakthrough foreign policy prize that he can present to voters next year.

Saudi Arabia leads the Arab and Islamic worlds. Since 1948, Israel has never been formally recognized by the United States.

Earlier this month, Israeli Prime Minister Benjamin Netanyahu described history as being about to pivot.

There would be a great deal of controversy surrounding any deal, however.

As a condition for recognising Israel, Saudi Arabia wants US guarantees on advanced American-made weapons and, most controversially, the right to enrich uranium in its own country.

For its part, Israel would benefit from closer trade and defence ties with the Gulf superpower, which would follow on from other Arab state normalisation deals concluded in 2020.

A former legal adviser to the Palestinian negotiating team in the now-moribund peace talks with the Israelis, Diana Buttu, said, “These are mostly security and trade agreements. Fast forward to 2023, and we now see that Saudi Arabia is also interested in this.”