Prime Minister Shehbaz Sharif is due to visit Riyadh from December 3-4 to attend the “One Water Summit”, according to a statement issued by the Foreign Office (FO) on Monday.

Islamabad and Riyadh share historic brotherly relations and cooperation in different sectors such as culture, economy, trade, and defence, among others. This will be the prime minister’s fifth visit to the Kingdom this year.

“A joint initiative of Saudi Arabia, France, Kazakhstan and the World Bank, the Summit aims to promote global cooperation and a coherent international approach towards water resource management through high-level political commitments,” the statement read.

The statement said PM Shehbaz would deliver the keynote address at a roundtable meeting on restoring, preserving, and adapting freshwater resources and wetlands.

“He will also highlight steps being taken by Pakistan to promote water conservation, strengthen climate resilience, improve water quality, create livelihoods and conserve biodiversity,” it added.

The FO said the prime minister will “underline the importance of international cooperation to tackle the impact of climate-induced floods, erratic and extreme weather patterns, and heat stress on water resources and ecosystems”.

PM Shebaz will also call for “meaningful international collaboration for sustainable water resource management,” according to the statement.

“On the sidelines of the summit, the prime minister is expected to hold bilateral meetings and engagements.”

The prime minister earlier today expressed his satisfaction with the progress in cooperation and investment projects between Pakistan and Saudi Arabia, hailing the two nations’ longstanding friendship.

Chairing a review meeting, the prime minister highlighted that Pakistan’s collaboration with Saudi Arabia continued to grow across various sectors, underscoring the strategic partnership between the two countries.

“Saudi Arabia has been a reliable partner in Pakistan’s challenging times, and we are committed to deepening this cooperation,” PM Shehbaz said.

The meeting also included a briefing on the remarkable progress of bilateral investments.

The participants were briefed about the progress on bilateral cooperation in various fields in the second meeting of the Pakistan-Saudi Arabia Joint Task Force held last month.

They were informed that within a short span of time, both countries had signed 34 memorandums of understanding (MOUs), seven of which were already formalised into agreements valued at $560 million.

Last month, PM Shehbaz attended the Arab-Islamic Summit in Riyadh, where he delivered a speech denouncing Israeli aggression in Gaza, Lebanon, and Iran and reiterating Pakistan’s “unwavering support” for the people of Palestine.

In October, the prime minister visited Riyadh to attend the eighth edition of the two-day Future Investment Initiative (FII). The FII, scheduled for October 29-30, served as a major platform for countries to promote economic potential, attract foreign investments and discuss strategies for sustainable growth.

Meanwhile, 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 $3bn bailout package from the International Monetary Fund (IMF). The loan was crucial to preventing the country from a sovereign default.