Sharm El Sheikh, Egypt, March 1,2003 (WAM) -- The United Arab Emirates called today on Iraqi leadership to step down to spare the region war, Abu Dhabi Satellite TV channel reported today. The channel said that President H.H. Sheikh Zayed bin Sultan Al Nahyan's four-point initiative, which was contained in a message to the Arab League summit, proposed that Iraqi leadership give up power in exchange for regional and international binding legal guarantees from any form of prosecution. According to article two, Sheikh Zayed said the entire Iraqi leadership should step down and leave Iraq within two weeks of adopting this Arab initiative. The UAE proposal suggested offering the Iraqi leadership "all suitable privileges. Article three of the initiative, the channel said, called for a general pardon for all Iraqis inside and outside the country. ''The Arab League shall in cooperation with the United Nations supervise the situation in the country for a transtional period until Iraq could return to its normal situation according to the will of the brotherly Iraqi people,'' Sheikh Zayed proposed. Abu Dhabi TV reporter said the initiative was submitted to the Arab leaders to be examined from Iraqi, Arab and international parties. ''It seeks to stop the Iraq crisis from drifting from bad to worse,'' he added. In the first reaction to the UAE proposal, Saudi Foreign Minister Saud al-Faisal said it was not a full-fledged initiative, but an idea that would be discussed in detail. "We are sure that the United Arab Emirates under the leadership of President Sheikh Zaid bin Sultan al-Nahayan will not issue anything that is not in the Arab interest," he told reporters on the sidelines of the Arab summit in Egypt's Red Sea resort of Sharm el-Sheikh. He added the ideas contained in Sheikh Zayed's proposal were open for deliberations by Arab leaders. WAM/TF