The main thing the Saudis would get in exchange — security guarantees — wouldn’t come from Israel but from its closest ally — the US. Israel, a high-tech power, would play a major role in ambitious Saudi plans to move its economy beyond oil. It would also be expected to make concessions to the Palestinian self-ruling authority in the West Bank. The US would regain some of its influence over Saudi Arabia, stemming efforts by China to expand its sway in the Middle East. The deal offers significant rewards to all four governments, not least of them additional ways of dealing with Iranian military activity in the region. But the prospect of the pact stirs populist forces among all of their constituencies, posing risks to those in power.