The deal also includes simulators, ground and training equipment and spare parts, SPA said, quoting a defence ministry official.
The official said the new jets would help qualify Saudi pilots "to use fourth generation jet fighters in full professionalism and efficiency."
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Saudi Defence Minister Prince Salman bin Abdul Aziz in April visited Britain, a major supplier of weapons to the oil-rich kingdom.
Saudi Arabia in 2006 ordered 72 Eurofighter Typhoon fighters in a deal valued at $32.9 billion. The multi-role aircraft is built by a consortium of European firms in which Britain's BAE Systems has a 33-percent share.
