Prime Minister Shehbaz Sharif will visit Saudi Arabia to attend the 8th Edition of the Future Investment Initiative (FII) being held in Riyadh from 29 to 30 October, the Ministry of Foreign Affairs said in a statement on Monday.

According to the statement, the FII serves as an important platform for countries to showcase their economic strength, draw foreign investments, and engage in dialogue to shape a sustainable future.

“This year’s FII is themed ‘Infinite Horizons: Investing Today, Shaping Tomorrow’ and will focus on global investments aimed at addressing major issues such as Artificial Intelligence, robotics, education, energy, space, finance, healthcare, and sustainability,” the statement read.

PM Shehbaz, who will be accompanied by key cabinet ministers, is expected to hold important bilateral talks with the Saudi Crown Prince and Prime Minister Mohammed bin Salman and other senior Saudi officials.

“The two sides will discuss the economic and strategic partnership between Pakistan and the Kingdom of Saudi Arabia and explore bilateral cooperation in the economic, energy, and defence domains,” the statement said.

The prime minister is also expected to engage with participating leaders and entrepreneurs at the FII conference, the statement added.

Islamabad and Riyadh share historic brotherly relations and cooperation in different sectors such as culture, economy, trade, and defence, among others.

Earlier this month, the two states signed 27 memorandums of understanding (MoUs) worth $2.2 billion in various sectors as the Saudi Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh arrived in Islamabad on a three-day official visit.

In April, PM Shehbaz made his first official trip to Saudi Arabia since assuming office this year. During the visit, he and Crown Prince Salman had agreed to expedite the first wave of a planned $5 billion Saudi investment package for Pakistan. The move, according to the Saudi Press Agency, confirmed Saudi Arabia’s position on supporting the economy of Pakistan and its “sisterly people”.

In May when a Saudi delegation visited Pakistan, PM Shehbaz assured Saudi investors that they would get the best facilities possible and also ease of doing business under the umbrella of the Special Investment and Facilitation Council (SIFC).

The two countries not only share strong bilateral ties but the Kingdom has often come to Pakistan’s rescue during times of economic turmoil.

In June last year, Riyadh deposited $2 billion in the State Bank of Pakistan (SBP) to help the country unlock a $3 billion bailout package from the International Monetary Fund (IMF). The loan was crucial to preventing the country from a sovereign default.