Saudi Arabia and Palestine have agreed to form a business council to boost bilateral trade and promote investments between both nations. The formation of the Saudi-Palestinian Business Council represents a significant step in strengthening economic ties, particularly as trade between the two countries continues to grow. In the third quarter of 2024, the Kingdom's overall exports to Palestine stood at SR118.3 million ($31.53 million), representing a 35 percent rise compared to the previous three months. Saudi Arabia also imported Palestinian goods worth SR4 million in the third quarter of 2024. The new agreement comes just two after a ceasefire deal came into effect between Israel and Hamas, allowing some displaced residents to return to their homes.