The Saudi peace plan, otherwise known as the Arab League initiative, was proposed in 2002, when the Saudi Crown Prince Abdullah presented the ideas at an Arab League Conference in Beirut. In basic terms it called for withdrawal of Israel from lands acquired in 1967 and the return of Palestinian Arab refugees, in return for which Arab states would accord Israel full recognition and consider the conflict at end.
Israel rejected this as a non-starter. However, from time to time the proposal is revisted.