ISLAMABAD: Saudi Crown Prince Mohammad Bin Salman is visiting Pakistan at the invitation of Prime Minister Imran Khan, accompanied by a high-powered delegation including members of the Saudi Royal family, key ministers and leading businessmen.

Prime Minister Imran Khan along with his federal cabinet members will warmly receive the visiting dignitary upon his arrival at the airport.

A red carpet will be rolled out in the PM office where the Crown Prince would be presented a guard of honour.

During his two-day stay, Prince Salman will call on President Dr Arif Alvi and would also meet the prime minister and the chief of army staff, a foreign office press release Wednesday said.

He will hold discussion with the leadership of Pakistan to further cementing the brotherly ties between the two countries besides, deliberating upon a wide-range of issues of mutual interests.

A delegation of Senate will also call on the Crown Prince to discuss ways to enhance parliamentary cooperation between the two countries.

The Saudi ministers accompanying the Crown Prince will meet their counterparts to discuss bilateral cooperation in their respective fields.

On sidelines of the visit, businessmen of the two countries will also meet to discuss opportunities of collaboration in the private sector.

During his visit, Pakistan and Saudi Arabia will be signing a number of agreements and memorandums of understanding related to diverse sectors, including investment, finance, power, renewable energy, internal security, media, culture and sports.

The two countries will also discuss ways and means to develop a robust follow-up mechanism to ensure effective implementation and quick progress on tangible areas of cooperation.

He holds important portfolios in the Kingdoms government, including that of the vice president of the council of ministers and defense minister.

All the preparations have been put in place to accord warm welcome to the visiting dignitary and his entourage.

The two brotherly countries are each others strategic partners.

These relations are grounded in the long standing political, civilizational, spiritual, commercial and economic affinities, in geographic proximity, and people to people linkage based on strong bonds of faith and culture.

Prime Minister Imran Khan paid his maiden state visit to Saudi Arabia as the foreign country, where he was accorded an unprecedented welcome in September last year which was followed by another visit in October to participate in the second Future Investment Initiative Conference in Riyadh.

At the request of Prime Minister Imran Khan, Saudi Arabia has deposited US$ 3 billion in the State Bank of Pakistan which was meant to extend balance of payments support to Pakistan.

Saudi Arabia has also graciously agreed to provide one year deferred payment facility or import of oil up to US$ 3 billion.

Negotiations between the two countries were also held on setting up by Saudi Arabia of an oil refinery in Gwadar, entailing investment of up to $10 billion.

An agreement in this regard is expected to be concluded during the upcoming visit of the Crown Prince.

Decision in principle was also taken to reduce visa fee for Pakistani expat workers.

About 2.6 million, nearly one-third of Pakistani expatriates (28%), live in Saudi Arabia which is home to the largest Pakistani community abroad anywhere in the world.

Saudi Arabia is also the largest source of remittances to Pakistan.

In 2017-18, Pakistanis based in Saudi Arabia remitted US$ 4.8 billion back home, accounting for 29% of total remittance receipts.

Saudi Arabia remains an important source for our energy security.

Twenty five Saudi companies have operations in Pakistan, while 350 Pakistani investors are registered with Saudi General Investment Authority.

Saudi Arabia has also evinced keen interest in investment in Pakistan’s mineral sector and acquisition of RLNG power plants either directly or through open competitive bidding.

Saudi public and private sectors have also evinced interest in investing in tourism, petroleum and petrochemicals, fertilizers, food and agriculture and the financial sectors.

Both the countries continued to extend each other valuable support at multilateral forums including the United Nations and Organization of Islamic Cooperation.

Besides direct financial support, Saudi Arabia has funded numerous health, education, infrastructure and welfare projects.

It extended full support to Pakistan in the aftermath of the 2005 earthquake and 2010 and 2011 flash floods.

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