Saudi Crown Prince Mohammed bin Salman met Palestinian President Mahmoud Abbas, Thursday, October 17, in Riyadh, Saudi Arabia, to establish a joint economic committee and business council between the two countries.
Saudi Arabia and the Palestinians agreed to establish a joint economic committee and a business council, as the Palestinian Authority faces a financing gap that could top $1.8 billion.
The announcement came days after Saudi Arabia's football team played the Palestinian team in the occupied West Bank for the first time on Tuesday, with the Saudi side having previously refused to enter the territory as part of its boycott of Israel.
The Palestinian Authority has been in a deep financial crisis since February when Israel froze transfers of value-added tax, or VAT, and customs duties it collects on the Palestinians' behalf.
U.S. President Donald Trump's son-in-law Jared Kushner during a conference in Bahrain dangled the prospect of $50 billion of investment into a stagnant Palestinian economy.
But the plan so far fails to address key issues such as an independent Palestinian state, Israeli occupation and the Palestinians' right to return to homes from which they fled or were expelled after Israel's creation in 1948.