Saudi King Abdullah bin Abdul Aziz, right, Lebanese President Emile Lahoud, rear center and Egyptian President Hosni Mubarak at the closing session of the Arab summit in Riyadh, 29 Mar 2007

Arab leaders have re-launched a land-for-peace plan with Israel and are urging the Jewish state to accept the initiative.

The leaders formally approved the plan Thursday at the conclusion of a two-day Arab League summit in the Saudi capital, Riyadh.  The leaders say the proposal offers the possibility of peace and recognition with all of Israel's neighbors. 

Palestinian President Mahmoud Abbas is urging Israel not to miss another chance to resolve the Israeli-Palestinian conflict.

Arab leaders first launched the plan in 2002.  Israeli Prime Minister Ehud Olmert says the plan, with some changes, could be a basis for talks between Israel and moderate Arab states.  But the Arab League approved the plan with no changes.

The plan calls for normal relations with Israel if it withdraws from land captured in the 1967 Six-Day War.

Arab League Secretary General Amr Moussa said Israel should accept the Arab proposal first, and then move to negotiations. 

In a speech at the summit Wednesday, Saudi King Abdullah called for an end to the Western aid embargo on the Palestinian government, calling it "unjust."

U.N. Secretary-General Ban Ki-moon attended the summit in his first visit to the Middle East since taking office.  He said instability in the Arab League states is  "of profound significance for international peace and security."

Some information for this report was provided by AP and Reuters.