The deadline for the contract is set for mid-June, according to the Commission, and the EU says the company should face financial penalties if it does not meet this deadline.
Saudi Arabia has already invested some $4 billion in various projects in the continent's energy, mining, telecommunications and food sectors, Prince Mohamed said.
The southern African country has so far received three batches of the AstraZeneca vaccine -- 300,000 doses under the Covax vaccine sharing facility, 50,000 from India and 102,000 from the African Union.
Breton said an increase in prices for second generation vaccines could be justified by the extra research required and potential changes to industrial equipment.
But that notion has been fiercely opposed by pharmaceutical giants and their host countries, which insist the patents are not the main roadblocks to scaling up production, and warned the move could hamper innovation.
Nevertheless there was some good news as BioNTech/Pfizer announced that 50 million doses that were due to arrive in Europe in late 2021 will instead start arriving as early as this month.