Islamabad: Prime Minister Shehbaz Sharif will visit Saudi Arabia on Oct. 26, his office confirmed on Monday, while a source with direct knowledge of the trip confirmed the premier will attend the annual Future Investment Initiative (FII) conference in Riyadh and hold talks with the Saudi leadership. 

The ninth edition of the FII is scheduled to be held from Oct. 27 to Oct. 30 in Riyadh. The unitive was launched in October 2017 by Saudi Arabia’s Public Investment Fund in conjunction with its Vision 2030 economic reform strategy. 

The annual conference brings together global leaders, policymakers, investors, entrepreneurs and innovators to explore future investment opportunities, stimulate innovation and advance emerging technologies such as artificial intelligence, robotics, green finance and to help shape the future of the global economy. 

“Yes, the PM is visiting Saudi Arabia on Oct. 26,” the Prime Minister’s Office told Arab News when asked about Sharif’s visit to the Kingdom. It did not provide further details of the visit. 

However, a source with direct knowledge of the prime minister’s visit confirmed that Sharif will attend the FII conference and hold bilateral talks with the Saudi leadership, including Crown Prince Mohammed bin Salman, during the four-day trip to the Kingdom. 

Sharif visited Saudi Arabia last month where he met the Saudi crown prince and signed a landmark strategic defense deal with the Kingdom. The pact stipulates that any act of aggression against one country will be considered an attack against both, underscoring their deep strategic partnership. 

It encompasses a comprehensive framework for defense cooperation, including joint military training, intelligence sharing, collaborative exercises, and technology exchange, reflecting the growing trust and alignment between the two nations. 

Saudi Arabia remains a key economic and strategic partner for Pakistan. In October last year, the two countries signed 34 agreements and memoranda of understanding worth $2.8 billion. The MoUs were aimed at boosting private sector collaboration and commercial partnerships between the brotherly nations. 

Riyadh has also extended vital support to Pakistan in the past when the South Asian country grappled with economic crises, providing it crucial external financing and assistance necessary for the International Monetary Fund’s (IMF) loan programs.

Saudi Arabia is also home for over 2.5 million Pakistani expatriates, serving as the largest source of foreign remittances for Islamabad. These remittances serve as a key lifeline for Islamabad’s fragile $350 billion economy.