PM Shehbaz to depart for Saudi Arabia today

Summit to expand kingdom's role beyond oil in the global economy

ISLAMABAD:

Prime Minister Shehbaz Sharif will pay an official visit to Riyadh on Monday at the invitation of Saudi Crown Prince and Prime Minister Mohammed bin Salman and attend the Saudi Future Investment Initiative Summit.

“During his stay in Riyadh, the prime minister will hold consultations with the Saudi crown prince to review the longstanding fraternal relations, with a view to further strengthening the multifaceted cooperation, especially in the economic field,” the Foreign Office said in a statement.

The "Davos in the desert" summit is an initiative of the Saudi crown prince to expand the kingdom's role beyond oil in the global economy. The conference will kick off on Tuesday.

Hundreds of delegates from around the world including government officials, business leaders and CEOs of US companies are attending the two-day Future Investment Initiative summit in Riyadh.

The summit is taking place at a time when Saudi Arabia and the US have clashed over Riyadh's move to cut oil supplies despite President Biden's request for the contrary.

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US officials were not invited to the investment summit, according to the organisers. However, 400 CEOs from different American companies will be in attendance. A strong Chinese delegation will also be in Riyadh highlighting Saudi Arabia's push to diversify its options and look beyond the West.

Pakistan considers the conference as an opportunity to draw the world's attention toward climate-induced floods.

The Saudi crown prince is also planning to visit Islamabad next month. His trip is crucial as Pakistan is hoping it will lead to yet another financial bailout package from the oil-rich Arab nation.

Though officials are tightlipped and not sharing details of the visit, sources confirmed to The Express Tribune that the two countries were in touch to prepare for the visit. The foreign office did not respond when asked to confirm this.

There are concerns that the visit may be delayed or put on hold if Imran Khan decides to launch the much-anticipated long march against the government.