Saudi Arabia on Thursday welcomed the Yemeni President’s decision to transfer his powers to a new presidential council and urged the body to start talks with Houthi militia to resolve the conflict in Yemen.

Saudi Arabia’s Crown Prince Mohammed bin Salman met with the newly-formed Yemeni presidential council saying the kingdom and United Arab Emirates will arrange three billion dollars of support to the war-torn country’s economy.

Two billion dollars would come from Riyadh and another one billion dollars from the UAE.