Jeddah-based 'Saudi Gazette' commenting today editorially on the Palestinian presidential election said under the title of 'What Follows Election for Palestine', the decisive victory of Mahmoud Abbas in the Palestinian presidential election has been welcomed by Shimon Peres, leader of Israel's Labor Party, and the deputy prime minister in Israel's new ruling coalition. "A moderate man was elected, an intelligent man, an experienced man. Let's give him a chance. There is a new legitimate Palestinian leadership whose leaders definitely are against terror and war," Peres said. President George W. Bush described the election result as "an historic day for the Palestinian people" and an essential step towards an independent Palestinian state. He called on Israel and Arab states to help the Palestinians achieve that aim adding: "The United States stands ready to help the Palestinian people realize their aspirations." Abbas, who succeeds Yasser Arafat as leader of the Palestine Liberation Organization, captured 62.3 percent of the vote while Mustafa Barghouti, a human rights activist, secured 19.8 percent. An estimated 70 percent of potential voters are said to have gone to the polls. --more 1336 Local Time 1036 GMT