ISLAMABAD—Prime Minister Imran Khan has opened a new chapter in Pakistan’s long history of using its strategic position to win foreign support—this time turning to Arab Gulf nations to help keep the economy afloat.

Saudi Arabia and its ally the United Arab Emirates have offered Pakistan over $30 billion in loans and investments, with Saudi Crown Prince Mohammed bin Salman expected to visit in February to sign off on the kingdom’s deals, according to Pakistani and Saudi officials.

The package will allow Mr. Khan, who came to power in July promising millions of jobs and the creation of a welfare state, to delay the politically painful prospect of borrowing from the International Monetary Fund.

The new government sees the Saudi investment plan as a sign that Mr. Khan’s pledge to “open Pakistan for business” is working.

“This is our first major breakthrough,” said Haroon Sharif, Pakistan’s investment minister. “Saudi Arabia is taking a long-term strategic economic position here.”