France and Saudi Arabia are discussing economic projects worth tens of billions of euros, French Foreign Minister Laurent Fabius said Tuesday.

"If concluded, these 20 projects would be worth tens of billions of euros," Fabius told reporters in Riyadh.

French President Francois Hollande is also in Saudi Arabia to attend a Gulf leaders' summit on Tuesday, a day after he oversaw the signing of a warplanes deal with Qatar worth 6.3 billion euros ($7 billion).