Tel Aviv, Oct. 22 -- : Israeli Prime Minister Benjamin Netanyahu on Monday (local time) announced that he is giving up on efforts to form a new government after failing to form a coalition following an inconclusive parliamentary election last month.

Netanyahu, who heads the right-wing Likud party and faces potential indictment in three corruption cases, had hoped to establish a broad "unity" government with his main rival, former military chief Benny Gantz, Al Jazeera reported.

The prime minister, in a video posted on his official Facebook page, said that despite working "tirelessly" to establish an administration with Gantz he had been repeatedly rebuffed.

"During the past few weeks, I made every effort to bring Benny Gantz to the negot...