Jordan has also advocated for reaching political solutions to the crises facing the Arab world, especially in Syria, Yemen and Libya, stop violence and bloodshed and pursue joint efforts to eradicate terrorism and to dry its sources.
Instead the king focused on rivalries with longtime foe Iran - only 160 kilometers (100 miles) across the Gulf from Dhahran.
The funding announcement came as the king reiterated criticism of President Donald Trump's decision to recognize Jerusalem as Israel's capital and shift the United States embassy from Tel Aviv to the holy city.
He also announced a $150m (£105m) donation for the maintenance of Islamic heritage in East Jerusalem, including the Al Aqsa mosque, and $50m (£35m) in funding for the United Nations agency that provides aid to Palestinian refugees.
"We extend our support to the Palestinians' right to establish their homeland based on the 1967 lines with the capital city Jerusalem, as stated in the worldwide resolutions and Arab peace initiative", said Al-Jubeir during his speech at foreign ministers' preparatory meeting on Friday.
In response, Saudi Arabia renamed this year's summit "Quds [Jerusalem] Summit".
In a statement on Sunday, Bahram Qassemi reiterated Iran's principled policy of non-interference in the internal affairs of other countries.
The remark suggested increasing rapprochement with Israel, which like Riyadh, sees Tehran as its arch rival.
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Saudi Arabia and Iran have long considered each other to be regional enemies, and have taken part in proxy conflicts, such as in Syria.
Last month the Security Council issued a statement condemning Houthi missile attacks on Saudi, but did not name Iran.
Saudi Arabia, Bahrain and Qatar have previously issued statements in support of the action while Egypt, Iraq and Lebanon expressed concern.
The report also said that the president of the 28th Arab summit, HM King Abdullah II, reaffirmed that a comprehensive and just peace in the region would only come about through the establishment of an independent and sovereign Palestinian state, as partial formulas in addressing the region's crises or bypassing the Palestinian issue will never bring the stability aspired-for by Arabs.
Among the leaders in attendance was Sudan's Omar al-Bashir, who walked the red carpet and was greeted by King Salman.
Syria has been suspended from the organization for the past seven years over Assad's initial crackdown on protests before the uprising turned into all-out war.
Gulf Arab states have made massive donations to Syria but have not officially offered asylum to Syrians.