Fahd and Mubarak examined the latest developments in the Arab, Islamic and international arenas.
They particularly discussed the situation of the Palestinians, who they believe are victims of blockades and massacres perpetrated by the Israeli occupation forces, reported the Saudi news agency.
They also discussed recent developments in Iraq. The meeting was held in Riyadh on Tuesday in the presence of senior officials from both countries, including Crown Prince Abdullah, Saudi's de facto ruler.
Prior to the meeting, Egypt's ambassador Mohammad Rafik Khalil said the two sides would discuss "the freezing of the (peace) '‘road map'’ and (Israel's) public threats to banish" Palestinian leader Yasir Arafat.
The talks would also cover Iraq and the two sides "are expected to stress the need for the Iraqis to determine their own fate so that Iraq can recover its role on the Arab and world stages," the ambassador said.
Mubarak, a frequent visitor to Saudi Arabia, arrived in the kingdom from Abu Dhabi, where the situation in US-occupied Iraq as well as the Palestinian territories topped the agenda of his talks.
The two sides discussed "efforts under way to establish security and stability in Iraq" and ways to boost the Middle East peace process, local agencies said.