A high-level Saudi delegation, led by Foreign Minister Prince Faisal bin Farhan, will arrive in Pakistan on Monday for a two-day visit, the Foreign Office said on Sunday.

The delegation consists of Saudi Minister of Water and Agriculture Abdul Rahman Abdul Mohsen Al-Fadley, Minister of Industry and Mineral Resources Bandar Ibrahim AlKhorayef, Deputy Minister of Investment Badr AlBadr, Head of Saudi Special Committee Mohammad Mazyed Al Towaijri, and senior officials from the energy ministry and Saudi Fund for General Investments.

“The visit takes place essentially to expedite follow up on the understanding reached between Prime Minister Shehbaz Sharif and Crown Prince Mohammad bin Salman during their recent meeting in Makkah to enhance bilateral economic cooperation between Pakistan and Saudi Arabia,” it said.

In his trip to the kingdom, PM Shehbaz and Crown Prince Mohammed bin Salman agreed to expedite the first wave of a planned $5 billion Saudi investment package for Pakistan.

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Last year, the crown prince directed the Saudi Development Fund to study increasing the deposit amount in the State of Bank of Pakistan to $5 billion. In September 2023, then-caretaker prime minister Anwaarul Haq Kakar said Saudi Arabia would invest up to $25 billion in Pakistan over the next two to five years in various sectors.

The Saudi delegation is expected to hold meetings with the president, the PM, the foreign minister, the chief of army staff, and the SIFC apex committee, the FO said.

“This visit is aimed at lending positive impetus to enhanced bilateral cooperation and mutually rewarding economic partnership,” it said.