US President Donald Trump’s Deal of the Century includes the creation of “New Palestine” , the Lebanese Al Mayadeen TV channel reported on Monday.

According to documents allegedly obtained by Al Mayadeen on Monday, a trilateral agreement would be presented by the U.S to Israel, Hamas and the Palestine Liberation Organization (PLO).

Under the deal, a new state named “New Palestine” will be created in the West Bank and Gaza Strip, except for the territories already owned Israel. Jerusalem will be shared by Israel and “New Palestine”.

According to the report, the project has already been approved by the United States, the European Union and Persian Gulf states, according to Al Mayadeen. The countries are expected to allocate about $30 billion in the next five years for the creation of the new state.

Only police will be allowed to bear arms in “New Palestine”, and Israel will protect the new state against foreign aggression, provided that “New Palestine” pays Israel for such protection, Al Mayadeen reported. Hamas will be fully disarmed, but its members will receive monthly salaries.

Earlier this month, the US House of Representatives approved a resolution reaffirming its support for a two-state solution to the Israeli-Palestinian conflict and opposition to unilateral annexations, mulled by Israel’s leaders.