MADRID - The King Juan Carlos I de Borbon signed on Wednesday the law on his abdication at the Royal Palace of Madrid in order to give the crown to his son Felipe de Borbon, who will be King of Spain at Wednesday midnight.

Spain's King Juan Carlos and his son Crown Prince Felipe (R) hug each other as they attend the signature ceremony of the act of abdication at the Royal Palace in Madrid, June 18, 2014.  [Photo/Agencies]

The king arrived at the Royal Palace in Madrid before 18:00 local time (1600GTM) where he was greeted by the 21- gun salute and the Spanish anthem played by a group of the Royal Guard.

The ceremony was held in the Hall of Columns of the Royal Palace with the presence of important figures from different Spanish institutions as well as members from the Royal family, such as the Queen Sofia, the Princes of Asturias, Letizia and Felipe, and their two daughters, the Infantas Leonor and Sofia, who were with their aunt the Infanta Elena.

The ceremony continued by reading the law on abdication, whose preamble was the king's abdication speech, in which the monarch was grateful to the Spanish people and highlighted the importance of stability that Felipe de Borbon, his son, represented.

Afterwards, the King signed the law and after him, Spain's Prime Minister Mariano Rajoy.

The King embraced his son after the signing and his granddaughters, Infantas Leonor and Sofia, went to greet the King, who slightly lost his balance.

The ceremony ended with the national anthem.

Felipe will become King of Spain on Wednesday midnight and will be crowned on Thursday at the Spanish parliament, where he will give a speech about his ideas for his reign.