Palestinian leader Mahmoud Abbas on Wednesday said he was happy Barack Obama had won the US presidency, but reminded the president-elect that he expects serious change in Washington's approach to the Israeli-Arab peace process.

In remarks carried by Israel National News, Abbas said Obama must not repeat the mistakes of President George W. Bush, and must apply greater pressure on Israel to make the territorial concessions he says are necessary for peace.

Hamas leaders in the Gaza Strip also said they were satisfied with Obama's victory, but similarly warned him to spurn the path of Bush and previous presidents.