Islamabad/New Delhi: Saudi Arabia's Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud is expected to announce investments in energy and infrastructure during a visit to Pakistan and India in the coming days.
The prince, known as MBS, is also expected to visit China, Malaysia and Indonesia.
Prince Mohammed is due to visit Pakistan this weekend, when he is expected to ink agreements, mainly linked to a refinery and the power sector, Pakistani officials said.
He is expected in New Delhi next week, along with leading Saudi businessmen, at the invitation of Prime Minister Narendra Modi, India's foreign ministry said on Tuesday.
Pakistan Prime Minister Imran Khan was among a handful of heads of state who attended Riyadh's flagship investment conference last October.
India's Modi met the Saudi Crown Prince in November, when they were both in Argentina for a Group of 20 summit. Though Saudi Arabia remains India's top crude oil supplier, the two countries have expanded ties beyond energy, and their governments have agreed to build a strategic partnership, the foreign ministry said.
"In recent years, there has been significant progress in bilateral co-operation in key areas of mutual interest, including energy security, trade and investment, infrastructure, defence and security," the ministry said in a statement.
The Saudi Crown Prince will hold bilateral talks with the Indian Prime Minister on a wide range of issues of mutual interest. He will also call on President Ram Nath Kovind and Vice President M Venkaiah Naidu, said a statement from the foreign ministry.
In late October, Riyadh offered Pakistan a $6 billion loan. Saudi Arabia has also announced plans for a $10 billion refinery and petrochemical complex at the coastal city of Gwadar, where China is building a port as part of its vast Belt and Road initiative.
Apart from finalising the deal, the Crown Prince Mohammed is further expected to discuss bilateral relations between the two countries and issues focusing on the ongoing crisis in Yemen and the Afghan peace and reconciliation process.
"They’re looking at the energy sector, at some of our privatisation plans that they might bid for through our privatisation process," Pakistan Investment Minister Haroon Sharif told Reuters.
Sharif, who chairs Pakistan's Board of Investment, said there was also Saudi interest in Pakistan's mining sector.