The Arab League is to meet January 15 to discuss the failed Palestinian at the United Nations Security Council aimed at ending Israel's occupation, an official said Wednesday.

On December 30, the UN Security Council rejected a draft resolution that would have set a 12-month deadline for Israel to finalise a peace deal with the Palestinians and then fully withdraw its troops from the Palestinian territories by late 2017.

The Arab League called Wednesday for a meeting of its foreign ministers to discuss the issue.

"The meeting will review a number of issues, the main one being the developments regarding the Palestinian case, especially after failing to pass the UN bid," Deputy Secretary General Ahmed Helly told reporters.

The meeting will also discuss "future steps to support the Palestinian position," Helly said.

Ahead of next week's meeting, Palestinian president Mahmud Abbas will attend a separate Arab peace initiative gathering, he added.

After the draft resolution failed, the Palestinians presented a bid to join the International Criminal Court, which would pave the way for them to pursue Israeli leaders for alleged "war crimes."

In response, Israel froze the transfer of 106 million euros (about $126 million) in taxes collected on behalf of the Palestinians, and threatened legal countermeasures against the Palestinian leadership.