Palestinian president Mahmud Abbas said in a televised speech on Thursday that he will not seek re-election in Palestinian elections to be held in January.

"I have told the Executive Committee of the Palestine Liberation Organisation and the Central Committee of the Fatah party that I do not wish to run in the next elections," Abbas said in a televised speech in Ramallah.

"This is not a stunt. I hope that everyone will understand this decision and I will take further steps in this regard."

Palestinian officials had earlier said that Abbas's decision was motivated by his disappointment in US efforts to halt Israeli settlement construction, which he had said must happen before the resumption of peace talks.