UPDATE 1-White House's Kushner urges world to keep 'open mind' about upcoming Middle East plan -source

White House senior adviser Jared Kushner urged a group of ambassadors on Wednesday to keep an "open mind" about President Donald Trump's upcoming Middle East peace proposal and said that it will require compromises from both sides, a source familiar with the remarks said. Kushner said the peace plan is to be unveiled after Israel forms a governing coalition in the wake of Israeli Prime Minister Benjamin Netanyahu's election victory and after the Muslim holy month of Ramadan, which ends in early June, the source said. "We will all have to look for reasonable compromises that will make peace achievable," Kushner said, according to the source, who asked to remain unidentified.

Kushner, one of the main architects of the peace proposal and who is married to Trump daughter Ivanka, spoke to about 100 ambassadors from around the world at Blair House, the presidential guest home across the street from the White House. He spoke as part of a State Department series of speeches. The proposal has two major components: A political piece that addresses core political issues as the status of Jerusalem, and an economic part that aims to help the Palestinians strengthen their economy.

Unclear is whether the plan will propose outright the creation of a Palestinian state, the Palestinians’ core demand. During his remarks, Kushner pushed back on the idea that the Trump peace plan was mostly about centered around the economic package, saying the political component is "very detailed," the source said.

"He said the plan will require concessions from both sides but won't jeopardize the security of Israel," the source said. "It requires everybody approaching the plan with an open mind." The White House had no comment.

(Reporting By Steve Holland; Editing by Steve Orlofsky and Susan Thomas)