State Secretary Mike Pompeo pushed back on speculation surrounding the United States' involvement with Saudi Arabia, insisting the U.S.is "not covering up" for former Washington Post columnist Jamal Khashoggi's murder.
The memorandums of understanding will include renewable energy projects and investments in petrochemicals and mineral resources, Saudi state news agency SPA said.
The Saudi royal will embark on a two-day visit to Islamabad on Saturday (February 16), Saudi ambassador to Pakistan Nawaf bin Said Al-Maliki was quoted as saying.
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Citing Saudi and American officials, the WSJ reported that the Saudi government has so far resisted attempts by Washington to pressure it to hold Qahtani accountable.
India is expecting Prince Mohammed to announce an initial investment in its National Investment and Infrastructure Fund (NIIF), a quasi-sovereign wealth fund, to help accelerate the building of ports and highways, an Indian official said. "We're thankful to the Saudi government for their investment in Pakistan".
Dawood did not put an exact investment figure by Saudi Arabia, as the precise size of the investment will be determined once a feasibility study of the oil refinery is ready.
As a fellow Muslim country, Pakistan has long maintained strong ties with Saudi Arabia. He said the cost of the oil refinery will be in the range of USD 5 billion to USD 6 billion but if the Saudis decide to build a petrochemical complex the cost would increase close to USD 10 billion.
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Last year, Saudi Arabia offered Pakistan a $6bn package that included deferring oil imports payments.
Pakistani media has reported that while bin Salman will arrive sometime this week, his personal belongings have already begun arriving in the country.
Mr Sharif, who chairs Pakistan's Board of Investment, said there was also Saudi interest in Pakistan's mining sector.
Saudi Foreign Minister Adel Al Jubeir said after meeting with lawmakers Friday that Congress should wait for the outcome of trials of 17 alleged assailants of Khashoggi, including five men who are facing the death penalty.
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Ahead of that deadline, a bipartisan group of senators led by Menendez reintroduced legislation that would block some USA arms sales to Saudi Arabia in an effort to hold the Kingdom accountable.