Is it possible to create such a credible political process?
Well, the US and UN clearly failed to do so, despite 75 years of trying. Concerted peace efforts by multiple US presidents, summits - international efforts and focus that other countries could only dream of - all failed.
Perhaps the Arab states will succeed.
It's entirely political - getting people whose only interest is to destroy Israel to agree to it's existence. Perhaps the Arab states are in a better position to do that. They understand it better than the US (having shared that intent themselves) and may be more trusted by the people who need to change their actions.
Israel will of course maintain the security control it needs in the meantime. They know all too well they can't rely on other countries words.
It might be a long path for the Gazans. No one will stump up the money until they are confident the rebuilt cities won't be destroyed again. Perhaps that will itself add internal pressure in Gaza to reach a solution. It must be the Gazans who get rid of Hamas, and make a choice to turn away from violence.