Palestinian President Mahmoud Abbas and Egyptian President Mohamed Morsi will hold their first meeting next week, a Palestinian official said on Thursday.

Senior PLO member Saeb Erekat said that Abbas will visit Cairo on Wednesday to discuss the Palestinian issues, among them the reconciliation between Hamas and Abbas' Fatah party.

In his inauguration speech following the Egyptian election in June 2012, Morsi reaffirmed his commitment to end the Palestinian political divide and to support the Palestinian people.

Meanwhile, Abbas is already scheduled to visit Saudi Arabia on Friday and thereafter continuing to Spain.

Erekat added that the aim of the meetings is to highlight the political and financial challenges facing the Palestinian National Authority (PNA).