Riyadh: The Saudi Real Estate Refinance Co. has recently announced that they will be sponsoring Al-Ittihad football club for the next three years.
According to statements from the parties involved, the pact includes commercial and marketing rights that would be advantageous for both sides. Saudi Arabia’s Public Investment Fund is the sole owner of the SRC.
Majeed Fahad Alabduljabbar, who is the deputy CEO of the SRC, mentioned that the sponsorship is a way for the SRC to show their support for the growth of the sports sector in the Kingdom. This aligns with the goals of Vision 2030’s Quality of Life Program, which aims to encourage more participation in sports activities.
Sports and entertainment are becoming more and more important to the Saudi economy. They play a crucial role in the country’s future development, making Saudi Arabia an attractive destination for various industries. We are very proud to be involved in the development of the sports sector in the Kingdom.
The CEO of Al-Ittihad, Abdulwahab Abed, expressed that the partnership with SRC will help the club grow and receive support for its activities both within the country and on an international level in the future.
The SRC, which was established in 2017, received a license from the Saudi central bank to engage in real estate refinancing through the secondary market.