Abbas said after their meeting that he remains committed to negotiations with Israel as the path toward Palestinian independence.
President Abbas thanked India for its support for the Palestinian cause and said that Palestinians have never rejected negotiations, but have been and are still ready for them, adding that forming a multilateral worldwide mechanism of many countries is the best way to revive negotiations.
Modi said he is "proud to be renewing friendship and support to Palestine" and that his country "holds on to the nobility of the Palestinian people's interests" and hoped for establishing the independent Palestinian state by peaceful means.
PM Modi also told the huge Indian diapora at the venue that he regarded them an important contributor and partner in India's development and nation-building process.
India was one of the earliest champions of the Palestinian cause but in recent years turned to Israel for high-tech military equipment and anti-terrorism cooperation. New Delhi has since pursued efforts to "de-hyphenate" its relations with Israel and the Palestinians.
Prime Minister Narendra Modi begins his address, greets the gathering.
Modi praised the United Arab Emirates, home to 3.3 million Indian nationals, for having "harnessed technology" and "managing to create a unique economic miracle that we rarely see in the world". The Prime Minister will leave for the UAE later in the day for a two-day visit.
He also said India had changed in the past four years.
Prime Minister Modi was conferred Saudi Arabia's highest civilian award the King Abdulaziz Sash when he visited the Kingdom in April 2016.
The Prime Minister thanked His Highness the Crown Prince Al Nahyan for allotting land for the construction of a Temple. He also interacted with business leaders from Gulf Cooperation Council countries.
On Sunday, Prime Minister Modi is also expected to meet Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE in Dubai.
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