RIYADH — Saudi Arabia and Palestine have agreed on Thursday to establish a joint economic committee and Saudi-Palestinian Business Council. The agreement was reached upon the desire of the visiting Palestinian President Mahmoud Abbas during his meetings with Custodian of the Two Holy Mosques King Salman and Crown Prince Muhammad Bin Salman, deputy premier and minister of defense. The King and Crown Prince held separate official talks with Abbas. During the talks at Al-Yamamah Palace on Wednesday evening, the King reiterated the Kingdom's permanent stand by Palestine and rights of its people in establishing an independent state with East Jerusalem as its capital. The two leaders reviewed the latest developments in the Palestinian arena, the Saudi Press Agency reported. For his part, Abbas thanked and appreciated the King's firm stance and support for Palestine. He affirmed Palestine's condemnation of the recent sabotage attacks on the Saudi oil facilities in Abqaiq and Khurais. Abbas expressed happiness over his visit to the Kingdom and meet the Monarch. King Salman hosted a luncheon banquet in honor of Abbas and the accompanying delegation. During their talks on Thursday, Crown Prince and Abbas reviewed the latest developments in the Palestinian arena and the efforts being made to ensure the legitimate rights of the Palestinian people to establish an independent state with East Jerusalem as its capital. The sessions were attended by Prince Faisal Bin Bandar, emir of Riyadh; Prince Mansour Bin Miteb, minister of State, member of the Cabinet and advisor to the King; Dr. Musaed Al-Aiban, minister of State, member of the Cabinet and the National Security Advisor; Minister of Foreign Affairs Dr. Ibrahim Al-Assaf; Prince Turki Bin Muhammad, minister of State and member of the Cabinet; Minister of Culture Prince Badr Bin Abdullah Bin Farhan; Minister of National Guard Prince Abdullah Bin Bandar; Minister of State for Foreign Affairs and member of the Cabinet Adel Al-Jubeir; Chief of General Intelligence Khalid Bin Ali Al-Humaidan; and a number of Palestinian senior officials.