CAIRO - The National Bank of Kuwait (NBK) signed agreements worth $1.6 billion during the Future Investment Initiative (FII) investment conference in the Saudi capital Riyadh, Kuwaiti state news agency KUNA reported on Tuesday.

Among the deals announced, NBK and Saudi Arabia's ACWA Power signed a framework agreement worth around $690 million to support the ACWA Power's expansion plans both within and outside the kingdom, KUNA said.

The Kuwaiti bank also signed credit facilities agreements with several other Saudi companies.

NBK said the deals were part of its commitment to support Saudi Arabia's Vision 2030 economic transformation strategy.

The FII is an annual investment conference hosted by Saudi Arabia with the aim of promoting Crown Prince Mohammed bin Salman's (MbS) ambitious economic agenda and demonstrating the kingdom's influence on the global economy.

(Reporting by Jaidaa Taha and Rachna Uppal; editing by David Evans)