RIYADH — Saudi Arabia on Thursday welcomed the announcement by Yemeni President Abd-Rabbo Mansour Hadi on the establishment of a Presidential Leadership Council to carry out the duties of the president during the transitional period.

President Hadi delegated all presidential powers to the council according to the constitution and the executive mechanisms of the Gulf initiative.

Saudi Arabia reiterated its full support for the Presidential Leadership Council in carrying out its duties and implementing effective policies and initiatives that would realize security and stability in Yemen and end the Yemeni crisis.

In this regard, Saudi Arabia offered urgent aid with a total value of $3 billion to boost the Yemeni economy.

The urgent aid includes $2 billion, offered jointly by Saudi Arabia and the United Arab Emirates, in support for the Yemeni Central Bank.

In addition, the Kingdom will provide $1 billion — $600 million to buy oil derivatives and $400 million to support development projects and initiatives.

Saudi Arabia also offered $300 million to fund the humanitarian response plan announced by the UN in 2022 to alleviate the suffering of the Yemeni people and improve their living conditions.

The Kingdom called for an international conference to garner financial resources necessary to support the Yemeni economy and the Yemeni Central Bank and to provide oil derivatives.

Saudi Arabia urged the Presidential Leadership Council to embark on negotiations with the Houthis under the auspices of the UN to reach a final and comprehensive political solution that includes a transitional period moving Yemen into peace and development so that the Yemeni people can enjoy lasting security and stability.

In Cairo, Arab League Secretary-General Ahmed Aboul Gheit welcomed President Hadi’s decision to form the Presidential Leadership Council and delegate all powers to the council.

Aboul Gheit, in a statement, stressed support to the new leadership council, which embodies the Yemeni legitimacy, and expressed hope that the council could lead the country toward realizing peace.

The secretary-general also called on all Yemeni parties to preserve the current truce, as a first step to engage in serious negotiations to end the suffering of the Yemeni people, restore stability and security in the country, and ensure that Yemen does not pose any threat to neighboring countries. — SPA