According to a Foreign Office announcement, Crown Prince Muhammad bin Salman will undertake a two-day visit to Pakistan on February 16 and 17.
Following the visit of Saudi crown prince, the BoI would remain in constant touch with their Saudi counterparts on technical level, he said.
Khan's adviser for commerce, Abdul Razzak Dawood told reporters he expects a $7 billion Saudi investment in the country in the next two years and that agreements will be signed between Pakistan and Saudi Arabia when the Saudi crown prince visits Pakistan.
"During his stay, Pakistan and Saudi Arabia will be signing a number of agreements. related to diverse sectors", Pakistan's foreign ministry said in a statement.
He said a Pak-Saudi Coordination Council would be set up following the visit, where Prime Minister Imran Khan would personally lead the monitoring of the implementation of MoUs.
He said Pakistan's relations with Saudi Arabia have witnessed improvement in recent months.
He will be accompanied by a high-powered delegation including members of the royal family, key ministers and leading businessmen.
He said Commander of the Islamic Coalition General Raheel Sharif during his meeting with him the other day made it clear that the force was not specific to any country or a particular sect and the suspicion in this regard was not well-counted.
In October, Riyadh said it would lend Pakistan $3 billion in cash and allow Islamabad to defer payments for oil imports worth $3 billion for a one-year period to support the country's ailing economy.
The foreign minister said: "He is leaving for Germany tomorrow (Thursday) to attend Munich conference on Afghan issue".
He said this was for the first time after former prime minister Zulfikar Ali Bhutto that Pakistan had attained huge success at diplomatic front.
Tom Barrack, a financier and close ally of President Donald Trump, defended the murder of Jamal Khashoggi while speaking at a summit in Dubai this week, stating that "atrocities" committed by the United States are "equal, or worse" than those committed by Saudi Arabia.
The memorandum of understanding will be regarding the joint projects in the field of Developing Renewable Energy, Refining & Petrochemical, the mineral sector, and the business sector.
The minister said that Riyadh also want to invest in food and agricultural sectors, while details regarding oil refinery can not be made public.
Furthermore, more than 700 rooms have been reserved at eight private hotels of the capital for the delegates who would be accompanying the Saudi crown prince.
Reuters reported the Prince is expected to visit Malaysia, China and Indonesia, as well as India and Pakistan.