According to state-run news channel Alekhbariya, French football superstar Karim Benzema is reportedly set to follow in the footsteps of Cristiano Ronaldo by accepting a lucrative paypacket to join the Saudi football league. The current Real Madrid forward and reigning Ballon d’Or winner is rumored to be expecting a salary of about $300 million a year to play for the Jeddah-based Al-Ittihad for a period of two years.
The transfer of Karim Benzema to Saudi Arabia is part of the government's plans to invest billions in sports, art and music initiatives to improve Saudi Arabia's global image, attract tourism and improve the quality of life of its citizens. In line with this, the Riyadh-based Al-Hilal is finalizing a deal to sign Argentinean striker Lionel Messi for a purported amount of $400 million per year.
The Saudi Arabian government has also announced a plan to privatize sports clubs, thereby attracting more investment, which is expected to promote the soccer industry locally through increased revenue. As part of this process, ownership stakes of 75% in four clubs - Al-Ittihad, Al-Ahli, Al-Nassr, and Al-Hilal - have been transferred to the kingdom’s sovereign wealth fund.
The fund, known as the Public Investment Fund (PIF), aims to increase the revenue of the Saudi Pro League to SAR 1.8 billion by 2030 from the current SAR 450 million ($120 million). Moreover, it is not his first football-related move, as PIF has also acquired Newcastle United FC in October 2021, for a deal worth $377 million.
Overall, the investment in football is part of Saudi Arabia's effort to become a destination of choice for international sporting events and to promote the soccer industry in Asia. Time will tell if the recruitment of international football stars like Karim Benzema and Lionel Messi and Saudi Arabia's aggressive investment in the sport will propel the country to achieve world-class performance.