RIYADH, April 15: Saudi Arabia has signed a memorandum of understanding with France to buy 48 Rafale aircraft from Dassault Aviation with an option for a further 48, French business daily Les Echos reported on Friday. The deal for the multi-role fighters, estimated to be worth up to six billion euros ($7.72 billion), could be finalized by the end of the year, the newspaper said.

If the deal gets through, it could have implications for British Aerospace, which has a running contract with the Saudi defence forces.

Although no official confirmation of the MoU was available, it was reportedly reached during a two-day visit to France by the Saudi Crown Prince Abdullah bin Abdul-Aziz.

Combat and corporate aircraft maker Dassault Aviation could not immediately be reached for comment. The Elysee presidential palace would not comment.

Quoting Jean-Francois Bureau, the spokesman for France’s defence ministry, news agency Reuters quoted him as saying: “It’s a discussion process that started a long time ago. I do not have the impression that we are in a final phase and if it was the case it would be up to the Saudi authorities to announce it.”