Yemen’s exiled president stepped aside and transferred his powers to a presidential council Thursday, as international and regional efforts to end the country’s long-running civil war gained momentum with a two-month truce.

Saudi Arabia and the United Arab Emirates, major players in the war, appear to have had a role in President Abed Rabbo Mansour Hadi’s decision, quickly welcoming it with a pledge of $3 billion in aid. The head of the new council has close ties to Riyadh.

It remains to be seen how the development will impact Yemen’s grinding conflict. A Saudi-led coalition of which the UAE is a member has for years been fighting the Iran-backed Houthi rebels to restore Hadi’s government to power.

A series of U.N. mediation efforts have yielded little fruit, and fighting, airstrikes and missile attacks had been escalating in the war until the cease-fire took effect.