They will also discuss regional and global issues of common concern, especially combating terrorism, Xinhua news agency reported.
Saudi Arabia's King Salman bin Abdulaziz has issued new royal decrees on Saturday night, announcing several domestic policies and a cabinet reshuffle.
The Saudi stock index, last at 6,899 points, faces technical resistance at the April peak of 7,107 points.
Saudi Arabia is looking forward to have a strong and friendly relations with the USA following the recent visit of Saudi Deputy Crown Prince bin Salman with President Trump at the White House.
"Prince Abdullah bin Faysal bin Turki removed as ambassador to the US".
Responding positively to requests for reinstating bonuses and special allowances for civil servants and military personnel, Saudi King Salman bin Abdul Aziz Al Saud on Sunday signed a decree for the same.
It's also planning what could be the world's biggest initial public offering when it sells shares in oil giant Saudi Arabian Oil Co., also known as Saudi Aramco.
Alsheikh and other key officials highlighted trends pointing to economic recovery.
Several analysts believe that the United States President Donald Trump orchestrated the restoration of warm relations between Cairo and Riyadh, as they are both close allies to Washington.
Riyadh opposes the now outlawed Muslim Brotherhood to which Morsi belongs.
The new ambassador is an F-15 pilot who received USA training and carried out air strikes against the Islamic State (IS) militant group in Syria.
In other changes, Salman dismissed minister of information and culture Adel Al Turaifi and replaced him with Awad Al Awad.
Salman fired Minister of Civil Service Khaled Al Araj, who will be investigated by a committee of the royal court.
Minister of State Mohammed Alsheikh said Deputy Crown Prince Mohammed bin Salman recommended the change after better-than-expected budgetary performance in the first quarter of 2017.