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Ìýsaid on Thursday that itÌýwould arrange $3 billion of support for Yemen'sÌýeconomy, hours after the Yemeni president's decision to transfer his powersÌýto a new presidential council,Ìýthe officialÌýSaudi Press AgencyÌý(³§±Ê´¡)Ìý²õ²¹¾±»å.

Riyadh announced the financial boostÌýafterÌýSaudiÌýcrown princeÌýMohammed bin Salman met withÌýPresident Abed RabboÌýMansour Hadi and members of a new Yemeni presidential council in the Saudi capital on Thursday.

SPA said two-thirds of theÌý$3 billionÌýwould come from Riyadh, while the rest of the money would be provided by the UAE, which is part of the Saudi-led military coalition that backs Yemen's internationally-recognised government in its fight against the Houthi rebels.

Riyadh willÌýgive $300 million of the funds toÌýthe United Nations aid response to Yemen's humanitarian crisis.

According to SPA, several Arab states as well as the ArabÌýLeague's secretary general have announcedÌý their support for the creation of theÌýpresidential council, to which Hadi will transfer his powers.

Russia has also supported the move, according to SPA.

In addition, RiyadhÌýcalled for an international conference to support Yemen's war-ravaged economy andÌýurged the new councilÌýto start negotiations with theÌý, SPA said.

Both the Iran-backed Houthis and the Saudi-led coalition fighting in have been accused by rights groupsÌýof committing grave human rights violations.

The United Nations forecast in November thatÌý would have died due to the conflict in Yemen,ÌýbyÌýthe end of 2021.

The war in YemenÌýbegan in 2014.

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Reuters contributed to this report.