The gunmen seized a vehicle carrying the money and documents, later releasing the driver and two others.
The convoy was said to have come from the Saudi embassy. No-one was hurt.
The gunmen, reportedly armed with Kalashnikov rifles, targeted a Mercedes mini-van at 21:15 (19:15 GMT) on the northern ring road, or peripherique, at Porte de la Chapelle, on the edge of Paris.
The men then drove the vehicle away with the driver and the two other Saudis inside. No shots were fired but the Saudis were later freed.
'Commando unit' "In the vehicle there was roughly 250,000 euros in cash and official documents from the embassy," police union spokesman Rocco Contento told BFM TV news.
According to Contento, the operation lasted just a few seconds, something that pointed to "a very organised and especially informed commando unit, who had information and accomplices".
The Mercedes was heading to Le Bourget airport with paperwork for the departing prince, who has not been named, according to the prosecutor's office. Le Bourget is often used for high-level visitors taking private jets to Paris.
The vehicle was eventually found abandoned and another of the gang's cars was found burned out.
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