The meeting comes just days after the Group of 20 meeting in Toronto.
Following the session, Obama told reporters the pair discussed "issues related to Afghanistan and Pakistan; Iran and its attempts to develop nuclear weapons capacity."
"We discussed the Middle East peace process and the importance of moving forward in a significant and bold way in securing a Palestinian homeland that can live side by side with a secure and prosperous Israeli state," the president said.
During their talks, both leaders expressed strong support for getting Iran to "meet its international obligations" regarding its nuclear program and hope the proximity talks will lead to a resolution of the Middle East conflict.
They also discussed efforts to assist Afghanistan, as well as the situations in Lebanon, Yemen and Iraq.
Obama thanked Abdullah for his hospitality when Obama visited Riyadh and pointed out the historic ties between the United States and Saudi Arabia dating back to the meeting 70 years ago between Franklin Delano Roosevelt and King Aziz.
Abdullah echoed the sentiments and said he has heard from people around the world who consider the American people "friends of Saudi Arabia and its people and … friends of the Arab and Muslim people, and … also friends of humanity."