The multi-billion dollar deal, signed in 2007 and widely reported by international media to stand at around USD 7.5 billion, would be a huge boost of confidence and support for the Eurofighter Typhoon jets outside of Europe.
BAE builds the fighter jet with European aerospace group Airbus and Italian defense contractor Finmeccanica.
The Eurofighter, which has only been used in battle once during NATO's air campaign against Muammar Gaddafi in Libya's 2011 civil war, is aggressively trying to woo buyers away from the French Rafale fighter and American F-35s and F-16s.
The Middle East market remains largely dominated by Lockheed Martin's fighter jets.
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While the Typhoon deal marks an important sale for BAE Systems, it is modest compared with Saudi Arabia's USD 60 billion deal in 2011 that included more than 80 F-15 fighter jets, missiles, radar warning systems and other equipment from the United States.
BAE Systems Chief Executive Ian King said the new pricing agreement was "an equitable outcome for all parties."
Saudi Arabia and other Gulf countries are fortifying their military capabilities to counter a perceived threat from regional rivals, particularly Iran.
BAE Systems secured a USD 4.1 billion deal with Oman for 20 aircraft in 2012, which included 12 Typhoon fighter jets.
The new pricing agreement was announced a day after Prince Charles was pictured wearing a traditional Saudi robe and taking part in local dance.
It was the tenth official visit to Saudi Arabia for the heir to the British throne, who later departed for neighboring Qatar for the next leg of his tour.