Modi also visited the Wahat Al Karama war memorial in Abu Dhabi to pay tribute to martyrs on Sunday.
In a special recognition of the PM Modi's contribution to relations between India and Palestine, President Abbas conferred the Grand Collar of the State of Palestine on him after the conclusion of the bilateral meeting.
New Delhi already provides development assistance in the Palestinian territories, with the $40 million announced on Saturday earmarked for media equipment, schools and a hospital. Israel has said it will only work with a US-led peace process. Modi also visited the tomb of Yasser Arafat, Abbas's predecessor, before talks with the current leadership. "This is an honour for India and a symbol of Palestine's friendship. I once again pay tribute to Abu Ammar".
Indian Prime Minister Narendra Modi shaking hands with Palestine's President Mahmoud Abbas at Ramallah. "We will do whatever it takes to make it possible", Modi said.
Asserting that India has crossed the phase of pessimism, the Prime Minister said that people have moved from "hoga ki nahi hoga (Will it happen?)" to "Modi ji kab hoga (Modi ji when will it happen)".
Saying that Palestinians were ready to engage in dialogue, Abbas said he was counting on India's support for negotiations between Israel and Palestine.
India and the UAE on Saturday signed five Memorandum of Understandings (MoUs) at the Presidential Palace in Abu Dhabi.
"People of Palestine have shown exemplary courage in challenging and tough times when there was an unstable environment".
Oman is a strategic partner of India in the Gulf and an important interlocutor at the Gulf Cooperation Council (GCC), Arab League and Indian Ocean Rim Association (IORA) fora.
Two MoUs were signed on cooperation in the fields of manpower and transportation, it is learnt.
The concession deal "will help India meet its growing demand for energy and refined products, create opportunities for ADNOC to increase its market share in a key growth market, and build a solid foundation as ADNOC explores potential global investments, particularly focused on downstream opportunities", ADNOC's Chief Executive Sultan al-Jaber said in the statement. He also expressed hope that peace in the region would be achieved quickly through dialogue and understanding. "We are betting on a larger and wider role for Russian Federation in the peace process".