Kingdom Holding Company, owned by billionaire businessman Prince Al ​Waleed bin ⁠Talal, has signed a binding agreement to acquire ‌a 70% stake in Saudi Pro League soccer club Al ​Hilal, Saudi Arabia’s Public Investment Fund (PIF) said on Thursday.

The deal ​values the ​share capital of Al Hilal at 1.4 billion Saudi riyals ($373.20 million). The agreement supports the ⁠PIF's strategy of maximising returns while recycling capital back into the local economy.

Since July 2023, the PIF has been the principal shareholder in Al Hilal as ​part ‌of a wider ⁠initiative aimed ⁠at accelerating the development of sports clubs and boosting the ​sports sector’s contribution to the Kingdom’s ‌gross domestic product.

Prince Al Waleed ⁠bin Talal said: “Al Hilal Club represents a national symbol and a source of pride. Our acquisition reflects our deep belief in the role of sport as a developmental force for both the economy and society.”

Al Hilal, who have been top-flight champions 19 times, are second in the Saudi Pro ‌League on 68 points from 28 games, eight ⁠points off Al Nassr with ​a match in hand.

Completion of the transaction is subject to meeting certain conditions and receiving the necessary regulatory ​approvals as ‌outlined in the agreement.

($1 = 3.75 Saudi ⁠riyals)

(Reporting by Ahmed El ​Ghannam in Cairo; editing by Ken Ferris)