His Majesty King Abdullah on Monday said the opportunity for achieving peace between Arabs and Israelis in the Middle East is present, adding that an agreement would pave way for regional prosperity and new levels of cooperation between the Arab world and the West.

Addressing a gathering of international political, intellectual and academic figures at the Aspen Institute, King Abdullah noted that achieving peace and prosperity in the Middle East is essential to global security and progress.

“Peace in the Middle East is achievable and so is the region's future as a zone of prosperity and stability. This is essential for the peace and progress of our entire world,” he said.

The King urged the US to play a greater role in efforts seeking to realise a peaceful and historical settlement and in creating a new future for Palestinians and Israelis.

“No friend of peace can do more to help achieve this breakthrough than the United States,” the King said, adding that such a move would improve America's international standing.

“It will tell people, especially the world's youth, that the US means what it says about justice and partnership - and will go the distance, in a difficult process, to see that right is done,” King Abdullah said.

His Majesty went on to underline the “disappointment” felt across the Arab world over developments in the region and the stalled peace process.

“We see Israel still building settlements in the occupied West Bank; we see walls and roadblocks still dissecting Palestinian communities; we see the Palestinian economy still in shambles,” the King noted.

His Majesty warned that unless the peace process produces achievements on the ground, American credibility will dramatically diminish and extremist powers will continue pushing the region away from moderation.

Her Majesty Queen Rania, Her Majesty Queen Noor, Royal Court Chief Bassem Awadallah and Jordan's Ambassador to the US HH Prince Zeid attended the event.