Washington: Chung Yong-jin, chairman of South Korean retail conglomerate Shinsegae Group, will attend an event in the United States this week to welcome Saudi Crown Prince Mohammed bin Salman, industry sources said Tuesday.

According to Yonhap News Agency, Chung is the only South Korean business leader invited by the U.S.-Saudi Business Council to join the executive reception scheduled for Tuesday (U.S. time) in honor of the crown prince.

During his first visit to the U.S. in seven years, the Saudi prince is expected to meet President Donald Trump and attend an official dinner to be held in the White House's East Room.

At the event, Chung is expected to explore potential business opportunities related to Saudi Arabia's major development projects, including the 91.7 trillion-won (US$63 billion) Diriyah Gate project aimed at transforming the historic Diriyah area into a global tourism destination, the sources said.

The New York Times recently reported that the Trump Organization, the family business of President Trump, is preparing to take part in the large-scale urban development project in Saudi Arabia.

Chung is known to maintain a close personal relationship with Donald Trump Jr., the president's eldest son, to the extent that the two are on a first-name basis.

Last week in Spain, Chung reportedly met with Trump Jr. and Omeed Malik, co-founder of venture capital firm 1789 Capital, following his meetings with President Trump's aides at the White House last month.