Pakistan and Saudi Arabia needed to work “closely to expedite” the first phase of the kingdom’s investments in the country under the new arrangement, Prime Minister Shehbaz Sharif told visiting Foreign Minister Prince Faisal bin Farhan Al Saud on Tuesday.

He said this during a meeting with the FM Prince Faisal, who is leading a “high powered” delegation on an official visit to Pakistan, in the federal capital, a statement from the PM’s Office said.

PM Shehbaz received the visiting foreign minister. He expressed his appreciation for the leadership of the kingdom and conveyed his wishes to the custodian of the two holy mosques King Salman bin Abdul Aziz Al Saud and Crown Prince Mohammed bin Salman.

The premier underscored the significance accorded by Pakistan to its longstanding fraternal, economic and strategic relations with Saudi Arabia. Both countries had always stood together at all times, he added.

As he recalled his meeting with the crown prince earlier this month, the PM stated that the visit of the Saudi delegation, immediately after his visit, was a manifestation of the strong commitment of both countries to the strengthening of bilateral relations focused on mutually beneficial economic cooperation.

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.

PM Shehbaz informed the delegation about the Special Investment Facilitation Council and its initiatives to promote investment in Pakistan. He also highlighted the role of Chief of the Army Staff General Syed Asim Munir and the cooperation of all institutions for the promotion of investment in the country through the hybrid civil-military forum.

Saudi FM Prince Farhan expressed gratitude for the warm welcome accorded to his delegation and highlighted that Saudi Arabia attached high importance to its “strong and close” ties with Pakistan.

He also conveyed the kingdom’s commitment to an enhanced strategic and economic partnership with Pakistan.

The escalating situation in the occupied Palestinian territories was also discussed.