SRC to sponsor Al-Ittihad football club for 3 years

RIYADH: The Saudi Real Estate Refinance Co. has signed a deal to sponsor Al-Ittihad football club for the next three years.

The pact includes commercial and marketing rights that would benefit both sides, according to statements from the parties. The SRC is wholly owned by Saudi Arabia’s Public Investment Fund.

Majeed Fahad Alabduljabbar, deputy CEO of the SRC, said: “The sponsorship is part of SRC’s support for the development of the Kingdom’s thriving sports sector and the key objectives of Vision 2030’s Quality of Life Program to promote sporting activity.

“Sports and entertainment have become increasingly prominent to the Saudi economy and play a crucial role in the country’s future development, making it an attractive destination across various industries. We take great pride in being part of the Kingdom’s sports sector development.”

Abdulwahab Abed, CEO of Al-Ittihad, said: “This partnership with SRC would foster the club’s expansion and provide support for its domestic and international endeavors moving forward.”

The SRC was established in 2017 and obtained a license from the Saudi central bank to operate in real estate refinancing through the secondary market.