Occurred Two investment companies affiliated with the Saudi Public Investment FundStrategic agreements with 4 Saudi clubs, worth up to 8 billion riyals.
Yesterday, Qiddiya Investment Company and Central Jeddah Development Company concluded four partnership contracts with four sports clubs, Al-Hilal, Al-Nasr, Al-Ittihad, and Al-Ahly, for 8 billion riyals for a period of two decades from 2022 to 2042, where the financial return will enhance its future ambitions in light of securing stable resources, following The sports sector has become an attractive force for investment companies in light of the unlimited interest and support of Prince Mohammed bin Salman, the Crown Prince.
Qiddiya signed two agreements with Al Hilal and Al Nasr, for a period of 20 years, worth 100 million riyals annually for each club, “two billion riyals for each club over the two decades,” with the possibility of reviewing the terms of the partnership agreement every five years. In increasing sports investment opportunities in Asia, specifically in the Middle East, and strengthening Qiddiya’s position as the future capital of entertainment, sports and culture in Saudi Arabia.
The partnership contract was signed by Abdullah Al-Daoud, Board Member and Managing Director of Qiddiya Investment Company, with Musali Al Muammar, President of Al Nasr Club, and Fahd Bin Nafel, President of Al Hilal Club, at the Experience and Visitors Center in Qiddiya.
Central Jeddah Development Company, one of the Public Investment Fund companies, announced the signing of two partnership agreements with Al-Ittihad and Al-Ahly, according to which it will be a strategic partner for the two clubs for 20 years, for 100 million riyals annually for each club, “two billion riyals for each club during the two decades”, with the possibility of reviewing the value of the partnership agreement each Five years, as the signing of the two agreements comes to enhance the lifestyle in the city of Jeddah and improve the sports scene by providing support for them in line with the strategy of the Public Investment Fund aimed at diversifying and enriching the experience of tourism, entertainment and sports in order to achieve one of the objectives of the Kingdom’s Vision 2030 by achieving a more vibrant society, which includes The two agreements provide for a number of and investment concessions.
The two agreements were signed during the strategic partnership ceremony between the Central Jeddah Development Company and the two clubs, in the presence of Ahmed Al-Saleem, CEO of the Central Jeddah Development Company, Anmar Al-Haili, President of the Federation, and Majid Al-Nafie, President of Al-Ahly, according to what was reported by Saudi media.