They said the visit was also a part of the larger strategy to expand in the Middle East with a focus on areas such as information technology, hospitality, engineering, steel, power and chemicals.

The officials said the importance attached by the Saudi side to the visit could be gauged by the fact that the prince hosted a dinner for the guests at his Kingdom Resort in Riyadh, which was also attended by his spouse Princess Ameerah Altaweel.

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Tata was accompanied among others by Ravi Kant, vice chairman of the group, while those who represented Kingdom Holding included Ahmad Halawani, executive director of private equity, Shadi Sanbar, chief financial officer, and Nahla AlAnbar, private executive assistant to Prince Alwaleed.

The Tata group delegation also presented a number of potential investment projects and Prince Alwaleed directed that these could be discussed in detail with his group's executive director to take the process forward.

Founded in 1980, Kingdom Holding is one of the largest private investment companies in the world with assets valued at $25 billion. The portfolio spans iconic landmarks, famous luxury hotels, leading banks and retail chains.

Companies in which the group has invested in include CitiGroup, eBay, Proctor and Gamble, Four Seasons, MovenPick Hotels, Savoy of London, Hewlett Packard, Kodak, Motorola, PepsiCo, Apple, Time Warner and Disneyland Europe.