The leaders of South Korea and Saudi Arabia held summit talks on Sunday and discussed economic cooperation, regional security and other issues.

In the summit with Saudi Arabian Crown Prince and Prime Minister Mohammed bin Salman at the Al Yamamah Palace in Riyadh, President Yoon Suk Yeol expressed hope that the two nations will further deepen bilateral relations through his state visit.

Yoon requested that the Saudi government help South Korean companies participate in mega development projects in the country, such as the Neom smart city.

Prince Mohammed reportedly said that his country will develop substantial cooperation with South Korea, a main cooperative partner nation in Saudi Arabia's “Vision 2030” national development strategy, in various areas.

Yoon highlighted real advancement since Prince Mohammed announced a plan to invest 29 billion dollars in South Korean firms during his visit to South Korea last November, including the groundbreaking of the "Shaheen" petrochemical plant project in the city of Ulsan.

On the occasion of the summit, the two governments and businesses from both countries signed 51 new memoranda of understanding and contracts worth 15-point-six billion dollars or 21-point-one trillion won, building on the previous investment deals.

The presidential office said that the two leaders also agreed to expand cooperation in various areas of smart farming, maritime shipping and cyber security.

They discussed cooperation in energy security, particularly the contract between the Korea National Oil Corporation(KNOC) and Saudi Aramco to jointly stockpile five-point-three million barrels of crude oil.

Yoon also asked Saudi Arabia, as a key nation in the energy market and a crude oil exporter, to actively exercise its leadership for stability in the global oil market.

According to senior presidential secretary for economic affairs Choi Sang-mok, Aramco will transfer the oil for storage at KNOC’s Ulsan base by 2028 and in the event of an oil shortage in South Korea, KNOC will receive priority in purchasing from the stockpile.

The two leaders also exchanged opinions on the situation in the Middle East amid the war between Israel and the Palestinian militant group Hamas, with President Yoon reportedly saying that Seoul will offer necessary cooperation, including humanitarian assistance.