“Great” and “deal” have long been two of US President Donald Trump’s favorite words. He has built much of his public life around them, frequently reminding us of his ability to achieve what others could not.

I wonder whether he has considered that the opportunity to make his greatest deal may have arrived at precisely the moment when his political fortunes have suffered an unexpected reversal.

The US midterms delivered a shock, with Democrats taking both chambers of Congress and several important governorships, exceeding even their own expectations.

Suddenly, some of Trump’s closest allies appear increasingly concerned about their own political futures. Vice President JD Vance, perhaps already thinking about 2028, has begun questioning the administration’s handling of the war with Iran.

Meanwhile, those whom Trump tried to undermine seem to be enjoying themselves.

Michigan’s Senator-elect Abdul El-Sayed, whose name the president repeatedly mocked, suggested that Trump could now simply call him “Senator.” He also addressed Vance as “habibi,” an Arabic expression of affection, with all the irony that implies.

There is something rather amusing about this reversal.

But putting jokes aside, I wonder whether Trump realizes that one of the most unexpected and consequential opportunities of his presidency may now be before him.

The symbolism would be extraordinary

Khalid Abdulla-Janahi

Trump has always enjoyed being at the center of events. Yet the world is increasingly occupied with its own economic, social and political difficulties. Even some of America’s closest partners are reconsidering their relationship with Washington. Russia and China will continue engaging with him where their interests coincide, but there are limits to how much attention the world can devote to one individual.

Meanwhile, the human and economic consequences of the American-Israeli war against Iran risk becoming an increasingly important part of how his presidency is remembered.

I suspect Trump would prefer his place in history to be determined by something more substantial than the White House ballroom renovations or the Florida airport bearing his name.

He has always presented himself as a great dealmaker. Perhaps now is the moment to consider a deal of a rather different magnitude.

Why not get on a plane and go to Tehran?

As we approach 2027, it will be nearly 50 years since a sitting American president last visited Tehran. On Dec. 31, 1977, Jimmy Carter was received by Shah Mohammad Reza Pahlavi. No American president has made such a visit since.

Imagine Trump arriving in Tehran to meet the leadership of the Islamic Republic. The symbolism would be extraordinary, and I suspect the world’s attention would immediately return to him.

But what would matter far more is what came after the visit.

For the Gulf, the stakes could hardly be higher

Khalid Abdulla-Janahi

We have witnessed agreements announced with considerable ceremony, only for their promises to fade as political circumstances changed. Trump himself withdrew from the 2015 nuclear agreement negotiated under President Barack Obama. He should understand how vulnerable diplomatic arrangements can become when they depend too heavily on the political circumstances of the moment.

A meaningful agreement with Iran would need to survive future American and Iranian administrations. It would have to address Iran’s nuclear program, sanctions, regional security and the legitimate concerns of neighboring countries, while recognizing Iran’s own interests.

There would, of course, be considerable opposition.

Elements of the American political establishment, across both parties, would have serious reservations. Those involved in Obama’s 2015 agreement would question what had been achieved by abandoning it. Israeli Prime Minister Benjamin Netanyahu, whose political career has been closely associated with confronting Iran, would have strong objections. Western intelligence and security services would undoubtedly raise concerns about the risks involved, particularly the safety of an American president traveling to Tehran.

And the Iranian leadership would have its own reasons for mistrusting Washington after everything that has happened.

Yet Trump has never been a particularly conventional political leader.

For the Gulf, the stakes could hardly be higher.

We did not choose this war, yet our countries have paid an enormous economic and security price. After years of investing in our relationship with Washington, we have found ourselves confronting the consequences of decisions we repeatedly sought to avoid.

Despite everything that has happened, I believe Gulf governments would have good reason to support a credible American-Iranian settlement. We know the cost of continued confrontation, and we understand how much the region stands to gain from a more predictable and stable relationship with Iran.

For the Middle East, the opportunity extends well beyond ending the immediate conflict. Our economic ambitions, infrastructure investments and plans for future generations depend upon regional stability. Security is an essential foundation for the sustainable development we have spent decades trying to achieve.

Such an agreement could also benefit Israel over the longer term. Surely the security of future generations, including Israelis and Iranians, deserves to be considered beyond the immediate political calculations of their leaders.

I suspect Trump would find that a genuine achievement of this kind could transform his international reputation. The Nobel Peace Prize, which has clearly interested him, might then become a serious possibility.

He could even think beyond that, to how history might remember him two hundred years from now.

The visit itself would be remarkable. What would give it lasting significance is an agreement that survives the political leaders who negotiated it and gives the region an opportunity to build a shared future.

Trump has spent much of his career promising deals that others could not make.

I wonder whether he has considered that his greatest deal could be one he never saw coming.

• Khalid Abdulla-Janahi is a leading financier, global strategy pundit and philanthropist. He is co-founder of the Maryam Forum Foundation (UK). He previously served as co-chair of the World Economic Forum Global Agenda Council on the Middle East and North Africa and vice chair of the Arab Business Council.