King Salman called Russian Federation a "friendly nation" and said his four-day visit would boost growing ties between the world's two largest oil exporters.
The deals included preliminary agreements on the purchase of S-400 air-defense systems, Kornet antitank guided-missile systems, and multiple rocket launchers, according the state-owned Saudi Arabian Military Industries. Pointing to output from USA shale basins, the minister said any acceleration should more or less keep pace with demand.
Saudi Foreign Minister Adel al Yubeir said that both countries will sign several agreements, which will take bilateral relations from good to excellent. "Today we alone as the Russian Direct Investment Fund announced deals worth Dollars 2.1 billion", said Kirill Dmitriyev, the head of the fund set up to attract investment. The two countries have expressed interest in various business deals despite differences over Syria.
"We emphasise that the security and stability of the Gulf region and the Middle East is an urgent necessity for achieving stability and security in Yemen", the king said.
Russian Federation and Saudi Arabia have been on opposing sides in the Syrian conflict, as Moscow supports the Assad regime, whereas Riyadh has openly supported the opposition.
Maduro on Wednesday thanked Russian President Vladimir Putin for his support in hard times.
He also said the two agreed on the importance of fighting terror and of finding peaceful solutions to conflicts in the Middle East.
Military technical cooperation between Russian Federation and Saudi Arabia is not directed against other countries, and concerns are baseless in this regard, the Kremlin affirmed.
The two sides have an interest in co-operating on a number of fronts. An oversupplied market previous year, brought on by US oil production and OPEC members working to defend market shares with more output, helped pushed the price of oil below $30 per barrel.
Saudi Arabia has signed preliminary agreements to buy S-400 air defence systems from Russian Federation, officials said, on the sidelines of King Salman's "landmark" visit to Moscow.
Despite this, other factors weighed on oil prices, including the return to production of Libya's Sharara oilfield after an armed brigade forced a two-day shutdown.
He also mentioned that Russian firms have been discussing possible future deals with energy giant Saudi Aramco, such as the provision of drilling services in Saudi Arabia and in crude trading.