ISLAMABAD: Pakistani prime minister Shehbaz Sharif on Monday arrived in Saudi Arabia on a two-day visit to participate in an investment conference in Riyadh, his office said.

Hundreds of CEOs and finance moguls are expected in Riyadh from Tuesday for a Davos-style investment conference, the Future Investment Initiative (FII), launched in 2017 by the world’s largest crude exporter, which is trying to diversify away from oil under Crown Prince Mohammed bin Salman.

This is the second visit by Sharif to Saudi Arabia since he took office in April. A statement from Sharif's office said the prime minister is visiting the Kingdom on the invitation of Saudi Arabia’s Crown Prince Mohammed bin Salman.

“During his stay in the capital Riyadh, the prime minister will meet with the Saudi crown prince and discuss strengthening the multi-faceted cooperation between the two countries in the economic sector and further improving the long-standing fraternal relations,” the statement read.

Sharif wrote on Twitter he would attend the Future Investment Initiative (FII) conference being held in Riyadh from October 25-27 on the crown prince’s invitation.

The prime minister maintained the state of the global economy required new thinking to overcome the irritants.

“There are serious concerns about the threat of global recession hitting the economies,” he said. “The pandemic & climate-induced disasters have already put immense strains on the developing countries. High time the world explored solutions to the deepening challenges through candid dialogue.”

This year’s theme of the annual conference, which started in 2017, is “Investing in Humanity: Enabling a New Global Order.”

During the visit, Sharif is expected to meet Saudi leaders and highlight at the conference various investment opportunities in Pakistan.

Members of Sharif’s cabinet, including interior minister Rana Sanaullah, have also confirmed that the Saudi crown prince will visit Pakistan next month.