Saudi Arabia has offered $3 billion in aid to Yemen, which will be used to strengthen the country’s banking system, as well as development and the purchase of oil futures.

The funds will be divided into a $2 billion support package for Yemen’s central bank, which will be supplied jointly by Saudi Arabia and the United Arab Emirates.

Saudi Arabia’s remaining $1 billion will be split into two parts: $600 million for oil derivatives and $400 million for development projects and initiatives.

A further $300 million has been pledged by the Kingdom to fund the UN’s humanitarian response plan, which was unveiled in 2022 to reduce Yemeni suffering and improve living circumstances.

The financial aid announcement comes as Saudi Crown Prince Mohammed bin Salman voiced the Kingdom’s support for the Yemeni Presidential Leadership Council, saying he hoped the council’s formation would help Yemen begin a new chapter.

 

The crown prince told the Yemeni President and members of the Yemeni Presidential Leadership Council on Thursday that he believed the formation of the council would help Yemen transition from a state of conflict to one of peace and development, according to state news agency SPA.

According to the newspaper, he stated that he hoped the next stage would be different, emphasizing the determination of all parties concerned.

The Crown Prince expressed the Kingdom’s desire for Yemen to be secure, stable, and prosperous.

On Thursday, Yemeni President Abed Rabbo Mansour Hadi announced the formation of a new presidential leadership council and delegated his responsibilities to it.

Hadi stated in a televised address that the council was formed to complete the transition phase and that it will have the authority to engage with the Iran-backed Houthi militia to resolve the country’s years-long conflict.

The step was made to help UN-led efforts to restart peace talks in the country after a seven-year conflict.

The formation of the Presidential Leadership Council in Yemen has been hailed by leaders from around the Arab world and the Middle East.

Kuwait declared its full support for the new council and its efforts to achieve its aims in Yemen in an official statement broadcast by its state news agency, KUNA.

Jordan, the Arab League, and the Secretary General of the Gulf Cooperation Council (GCC) have all indicated support for the presidential council.

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