BETHLEHEM (Ma'an) -- President Abbas will attend the Arab Economic and Social Development Summit due to be held in Saudi Arabia on Monday, a PA official said.

The Palestinian Authority's foreign minister Riyad al-Maliki and finance minister Jawad al-Naji met with their counterparts in Riyadh on Saturday in preparation for the summit, with al-Maliki delivering a speech on financial sanctions implemented by Israel following Palestine's successful UN status upgrade in November.

Abbas is scheduled to arrived in Riyadh on Sunday to attend the two-day meeting.

During his speech, al-Maliki thanked Saudi Arabia for pledging $100 million to the Palestinian Authority on Wednesday.

The first Arab Economic and Social Development Summit was held in Kuwait in 2009 and the second in Sharm el-Sheikh in 2011.