Slim, who is estimated to be worth $49bn, is in Riyadh for the first time to scope out business opportunities in the emerging kingdom.
The newspaper said Slim revealed he was entering partnerships with Saudi private investors to establish a petrochemical project at Jubail industrial area.
He was attracted to Saudi Arabia following its success in developing a number of industrial cities across the kingdom in recent years and the country’s initiatives to attract foreign investment.
No further details have been reported.
The Mexican Ambassador to Saudi Arabia also is in the kingdom to help boost investment ties between the two nations as Mexico looks for opportunities overseas, Al Riyadh reported.