Hyderabad, Nov. 5 -- Yemen's Iran-backed Houthi rebels have demanded USD 51 billion in compensation and formal recognition of their authority over Yemen in exchange for ending attacks on Saudi Arabia, The Wall Street Journal (WSJ) reported on Thursday, November 5, citing people familiar with the discussions.

The demands emerged after Riyadh approached the group to explore the possibility of a negotiated settlement. The outreach followed Houthi attacks on Saudi oil tankers in the Red Sea and territorial advances near the Bab al-Mandeb Strait, a key maritime route linking the Red Sea with the Gulf of Aden.

People briefed on the discussions told WSJ that the proposed payment was intended to compensate for years of Saudi-led airstrikes and ...