Hamas, Fatah accept Saudi offer to host peace summit, reads the title of this piece by Haaretz.
The Saudis might be looking for a way to peal off Hamas from Iran. If so, this would only work with a Syrian deal with Israel, which every day looks more like the one thing Sec. Rice could actually pull off–not Israeli Palestinian peace deal. Remember the original ME push with Clinton was preceded by the Madrid Conference by Sec. Baker. The thinking was not to start on the Israeli-Palestinian issue until the Syrians and Israelis were straight.
The Summit will be held in Mecca appealing to pan-Islamic senses (and possibly of the Sunni variety over Shia).