Saudi gives Yemen money, urges peace talks after Yemen presidential council announced

Saudi Arabia on Thursday welcomed the Yemeni president's decision to transfer his powers to a new presidential council, urged the body to start negotiations with the Houthi group, and said it would arrange $3 billion of support to the war-torn country's economy, state news agency SPA said.

Two billion dollars would come from Riyadh and another $1 billion from the United Emirates, which is part of a Saudi-led military coalition that backs the internationally recognized government of President Abd-Rabbu Mansour Hadi against the Iran-aligned Houthis in Yemen.

Riyadh called for an international conference to support Yemen's economy and also said it would give $300 million to the United Nations aid response to Yemen's humanitarian crisis.