French President Francois Hollande says the country is in talks with Saudi Arabia for business deals worth tens of billions of euros (dollars).

The amount is an estimate of the benefits expected by France "in the middle-term," Hollande said Tuesday at a press conference in Riyadh where he has attended a summit of Gulf Cooperation Council.

Hollande refused to provide detail on the deals but confirmed Foreign Minister Laurent Fabius' comments that there were about 20 projects including arms exports, solar power installations, civil aircraft, transportation and health.

Some of the deals will be formalized in October at a French-Saudi business forum, Hollande said.