SHARM EL-SHEIK, Egypt (AP): U.S. President George W. Bush urged Mideast leaders on Sunday to work hard to advance democracy and freedom in their region.

``This region is home to energetic people, a powerful spirit of enterprise, and tremendous resources,'' he said in prepared remarks for a speech at the World Economic Forum in the Middle East.

``It is capable of a very bright future, a future in which the Middle East is a place of innovation and discovery, driven by free men and women.''

The White House released an early text of the speech Bush was to make later in the day to the meeting of hundreds of global policymakers and business leaders in this Red Sea resort town.

After giving Israel glowing praise earlier in the week, the address here _ which caps his five-day Mideast trip _ was focused more on renewed promises, and was a bit of a lecture, if gentle.

Bush presented the region's leaders with a long to-do list on Sunday: diversify their economies, enact political reforms that move toward democratic governments, allow greater participation in society for women and young people, and push back against the negative influence of regimes like Iran and Syria.

``From diversifying your economies, to investing in your people, to extending the reach of freedom, nations across the region have an opportunity to move forward with bold and confident reforms, and lead the Middle East to its rightful place as a center of progress and achievement,'' Bush said.

He said that building economies in the Mideast should go hand-in-hand with expanding the role of women.

``This is a matter of morality and of basic math,'' he said. ``No nation that cuts off half its population from opportunities will be as productive or prosperous as it could be. Women are a formidable force, as I have seen in my own family and my own administration. And as the nations of the Middle East open up their laws and their societies to women, they are learning the same thing.''

The speech comes eight months before the end of Bush's presidency, the target date that he and Mideast leaders have set for reaching a sweeping peace agreement that would resolve generations-old grievances and set the foundations for a Palestinian state.

``A peace agreement is in the Palestinians' interest, it is in Israel's interest, it is in Arab states' interest, and it is in the world's interest,'' Bush said. ``And I firmly believe that with leadership and courage, we can reach that peace agreement this year.''

``This is a demanding task, and it requires action on all sides,'' he said.