Riyadh, April 7, 2022, SPA -- Out of the Kingdom of Saudi Arabia’s continuous endeavors to support peace and stability in Yemen and reach a comprehensive political solution among Yemeni parties in a bid to realize peace, development and prosperity for Yemen and its people, the Kingdom of Saudi Arabia welcomes the announcement of Yemeni President Abd-Rabbo Mansour Hadi - according to the Yemeni constitution and the Gulf initiative and its executive mechanisms - to establish a Presidential Leadership Council to proceed with the duties of the transitional period, and delegating the council with all powers of the president of the republic according to the constitution and the Gulf initiative and its executive mechanisms. The Kingdom of Saudi Arabia stresses its full support for the Presidential Leadership Council and assisting entities to enable it practice duties in implementing effective policies and initiatives that would realize security and stability in Yemen and end the Yemeni crisis. In this regard, the Kingdom of Saudi Arabia announced a decision of offering urgent support to the Yemeni economy with a total value of USD 3 billion as the following: First: Providing USD 2 billion, offered jointly by the Kingdom of Saudi Arabia and the United Arab Emirates, in support for the Yemeni Central Bank. Second: Providing USD 1 billion from the Kingdom of Saudi Arabia, including USD 600 million to the fund of buying oil derivatives and USD 400 million to support development projects and initiatives. The Kingdom of Saudi Arabia also announced offering USD 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 and service conditions, and called for holding an international conference to garner financial resources necessary to support the Yemeni economy and the Yemeni Central Bank and to provide oil derivatives. The Kingdom of 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 as the Yemeni people can enjoy security and stability. --SPA 09:52 LOCAL TIME 06:52 GMT 0010 www.spa.gov.sa/w1718029