According to Reuters, the details regarding the agreement are expected to be revealed during a press conference this afternoon in Cairo, where the talks between the two rival Palestinian factions took place.
It was signed in Cairo by new Hamas deputy leader Salah al-Aruri and Azzam al-Ahmad, the head of the Fatah delegation for the talks, at the headquarters of Egypt's intelligence service, which oversaw the negotiations.
The two sides, meeting in Cairo for talks brokered by Egypt, said in a joint statement Thursday that the West Bank-based authority would by early December regain full administration of Gaza, which has been under Hamas control since 2007. The deal would see both Hamas and Fatah form a Palestinian government to appoint the prime minister and ministerial positions.
Gaza has been subject to an Israeli blockade and Fatah strangulation of electricity and other resources since, which has crippled the economy and left much of the two million strong population dependent on aid.
Yahya Sinwar, Hamas's acting chief in Gaza, for his part, congratulated Abbas on the watershed agreement. Another committee would merge 3,000 Palestinian Authority loyalists into Gaza's Hamas-run police force.
United States pulls out of United Nations cultural organisation
Since 2011, United States arrears to the organization have reached about $600 million, Ms. The city, one of the world's oldest, sits in the Israeli-occupied West Bank.
The crossing with Egypt may require more time for the handover, with construction work now underway there. Hamas and Israel fought three devastating wars over the past decade.
The crossing has remained largely closed in recent years.
Al-Ahmed highly appreciated the Egyptian role and keenness to achieve Palestinian reconciliation, stressing that Egypt is the sponsor of the Arab national security, including the Palestinian security.
The two sides remain sharply at odds, however, over the future of Hamas's 25,000-strong armed wing, which the terror group says is nonnegotiable.
Reconciliation could also pose a dilemma for global efforts to reach an Israeli-Palestinian peace deal since Hamas has not recognised Israel, unlike the Abbas-led Palestine Liberation Organisation.