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From what I gather it was some sort of idea for an amicable settlement between Jews and Arabs in Palestine and somehow involved Ibn Saud. Weizmann and Churchill apparently supported it but Ibn Saud shot it down.

But this is very vague and Wikipedia is absolutely unclear on this.

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Could you put more into the question? Perhaps the point that you are unclear on rather than just a link to wikipedia would help immensely in able to answer your question. –  MichaelF Dec 17 '12 at 12:58
    
@MichaelF: Is it better now? –  Felix Goldberg Dec 17 '12 at 13:41
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Yes, much more so. It's always better to give more detail in the question to point out only what you are looking for to keep the answers from meandering –  MichaelF Dec 17 '12 at 16:11
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Philby's plan was to relocate all Arabs from Western Palestine to other Arabic countries, excluding the Arab population of Jerusalem. The £20 million mentioned in Wikipedia was the proposed compensation the Jews would have to pay for the resettlement. Additionally the Jews would support Feisal's, Ibn Saud's son, claim to the Saudi throne over his older brother Saud.

Unfortunately all the sources I've found are... not stellar, but they seem to agree in general, at least about what the plan was:

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Nice find, my Middle East history books don't mention the plan at all, an interesting omission considering they are fairly balanced otherwise –  MichaelF Dec 18 '12 at 9:26
    
This is interesting, but as you say, the sources are a bit flimsy. If nothing else emerges for a day or two, I'll accept the answer. –  Felix Goldberg Dec 18 '12 at 15:07
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@FelixGoldberg You don't really have to accept this or any other answer, it's completely up to you. I'd even go as far as to tell you to not accept my answer here at all, it might encourage a better answer if the question doesn't appear as resolved. –  Yannis Rizos Dec 18 '12 at 19:29
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