JERUSALEM, March 29 (Reuters) - Israel said on Thursday it was interested in holding talks with moderate Arab states but stopped short of welcoming a 5-year-old peace initiative endorsed by Arab leaders.

"Israel is sincerely interested in pursuing a dialogue with those Arab states that desire peace with Israel, this in order to promote a process of normalisation and cooperation," Israel's Foreign Ministry said in a statement.

"Israel hopes that the Riyadh summit will contribute to this effort," the statement added, although it stopped short of welcoming the Arab initiative like the United States.

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