Two subsidiaries of the Saudi Public Investment Fund signed 4 strategic contracts with 4 Saudi clubs worth 8 billion riyals.
According to Arabiya Net, yesterday, Qiddiya Investment Company and Central Jeddah Development Company signed four partnership contracts with four sports clubs, namely, Al Hilal, Al Nasr, Al Ittihad and Al Ahli for $8 billion riyals for two decades from 2022 to 2042, where the financial return will enhance its future ambitions in light of securing stable resources, after the sports sector has become an attractive force for investment companies in light of the unlimited interest and support from 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, the agreement includes a number of sports privileges for the two major clubs, which contributes to increasing sports investment opportunities in Asia, specifically in the Middle East, and enhances 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 Musli Al Muammar, president of Al-Nasr Club, and Fahd bin Nafal, president of Al-Hilal Club, at the Experience Center. and visitors 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 to 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 every five years. In order to achieve one of the objectives of the Kingdom's Vision 2030 to achieve a more vibrant society, the two agreements include a number of advertising 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 Central Jeddah Development Company, Anmar Al-Haili, President of the Federation, and Majid Al-Nafi'i, President Al-Ahly, according to what was reported by Saudi media.
