The airport project will be carried out under the umbrella of the Saudi Development and Reconstruction Program for Yemen (SDRPY) and will equip the airport to handle up to two million passengers per annum.
The historic city of Marib is located east of the capital Sanaa.
Once complete, the new-look airport is expected to provide a critical infrastructure hub for the country and region.
It is also expected to create approximately 1,000 permanent jobs upon completion, 5,000 jobs during construction and some 10,000 indirect jobs in ancillary sectors.
The work is to be carried out by the same company that built and designed a Chicago airport.
Saudi Arabia's ambassador to Yemen, Mohammed Al Jaber, the director of SDRPY said: "This is an exciting project that gets to the heart of what Yemen needs right now in terms of employment and economic opportunities.
"Its proximity to the capital means it could also revive the efforts to join the regions of al-Jawf, Shabwah and Hadramaut.
"This essential work, and many projects like it, can't wait – the people of Yemen need it now, even as we tirelessly strive for a political solution to the conflict."
Saudi Arabia provided $2 billion in monetary aid to Yemen's central bank to help bolster the country's currency only a few months ago.