The Trump administration is expected to unveil the long-awaited plan - after multiple failures by their predecessors - possibly as early as next month, but the Palestinians have already rejected it as heavily biased in favor of Israel.
"This workshop is a pivotal opportunity to convene government, civil society and business leaders to share ideas, discuss strategies and galvanize support for potential economic investments and initiatives that could be made possible by a peace agreement", the White House said in a statement.
The White announced on Sunday that the workshop will take place in Manama, Bahrain, on June 25 and 26, bringing together finance ministers with global and regional business leaders.
The economic component discussed will constitute an announcement on the first part of the Trump peace plan, US officials have said.
Israeli Prime Minister Benjamin Netanyahu and US President Donald Trump with senior White House adviser Jared Kushner at the start of a meeting in Jerusalem on May 22, 2017. But the central political elements remain mostly unknown.
"Any solution to the conflict in Palestine must be political. and based on ending the occupation", Shtayyeh said at a Palestinian Cabinet meeting.
The Palestinians, who severed ties with the USA over a year ago, have repeatedly expressed fears that the White House will try to buy them off with large sums of investment in exchange for freezing their demands for an independent state.
Saudi Arabia has assured Arab allies it would not endorse any USA plan that fails to meet key Palestinian concerns.
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The second official said the workshop will focus only on the economic plan "to show that you can't have peace without economic stability and opportunity, but you also can't have economic opportunity and stability without peace and free of terror and resolving some of these core issues".
"The cabinet wasn't consulted about the reported workshop, neither over the content, nor the outcome nor timing", Palestinian Prime Minister Mohammad Shtayye told ministers in the presence of reporters on Monday.
An Israeli official told Politico that it's likely Palestine will reject the plan.
Invitations dangle also been sent to industry leaders and finance ministers from Europe, the Gulf worldwide locations like Saudi Arabia and the United Arab Emirates, and the wider Arab world, in step with a senior administration official.
Chief among the Palestinians' concerns is whether the plan will meet their core demand of calling for them to have an independent state in the West Bank, east Jerusalem and Gaza Strip - territory Israel captured in the 1967 Arab-Israeli war.
At a think tank in Washington, Kushner described it as an "in-depth operational document" not anchored to previous, failed negotiations, high-level political concepts or stale arguments.
Having been previously adamant that Trump's Jerusalem move definitely disqualified him as a "serious and reliable broker", the Palestinian diplomat said in reaction to the planned deal that Palestinians will not engage with Trump's peace terms. The U.S. has also cut hundreds of millions of dollars of aid for the Palestinians and closed the Palestinian diplomatic office in Washington. "Palestinians will not accept any proposals which do not include a Palestinian state with East Jerusalem as its capital".
Abu Yousef, for his part, responded to the statement by saying: "The Palestinian people don't need a course in economics; they want an end of the occupation and the establishment of a state".