Kingdom Holding buys 70 percent stake in Al Hilal club

Kingdom Holding Company, the investment firm owned by billionaire Prince Al Waleed bin Talal, has entered into a binding agreement to acquire a 70% stake in the Saudi Pro League soccer club Al Hilal. The announcement was made on Thursday by the Public Investment Fund (PIF) of Saudi Arabia, valuing the club's share capital at 1.4 billion Saudi riyals, or approximately $373.20 million.

The deal supports the PIF's strategy of maximizing returns and recycling capital into the local economy. Since July 2023, the PIF has been the principal shareholder in Al Hilal as part of an initiative to accelerate the development of sports clubs and boost the sector's contribution to the national gross domestic product.