Palestinian Authority President Mahmoud Abbbas on Sunday delivered a victory speech to thousands of Palestinians who welcomed him back to Ramallah following his triumphant statehood bid at the United Nations General Assembly Thursday.

The UNGA voted to upgrade the Palestinians to non-member observer status.

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"We went to New York taking to the world a dream..." he said. "We have a state now" he stated, but warned that the people still faced many obstacles.

"Raise your heads high, because you are Palestinians" Abbas told the jubilant crowd. "You have proof that you are stronger than the occupation, because you are Palestinians... stronger than the settlements, because you are Palestinians."

"We were threatened with punishment and sanctions from various sides," Abbas said, referring to Israel and the United States. "And if we had listened to those threats we wouldn't have gone to the UN."

"One day, a young Palestinian will raise the Palestinian flag over Jerusalem, the eternal capital of the state of Palestine," he declared.

"The recognition of Palestine as a state changes a lot of the facts, and aims to establish new ones," added.

"But we have to recognize that our victory provoked the powers of settlement, war and occupation."

Reuters contributed to this report.

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