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Source: http://www.haaretz.com/hasen/spages/1030858.html
Peres, Mubarak Discuss Saudi Plan
[Ha'aretz] Yoav Stern - At a meeting with Egypt's President in Sharm el-Sheikh, Israeli President Shimon Peres discussed a 2002 Saudi peace proposal. Peres said that while he doesn't "accept all of the Saudi plan and it needs to be negotiated further, its spirit is correct." However, Egyptian President Mubarak replied that "the Saudi initiative is not open for negotiations." Mubarak said Palestinians and Israelis should first reach an agreement through bilateral talks, before all Arab states normalize relations with Israel.