Jeddah Central Development Company, one of the companies wholly owned by the Public Investment Fund, signed a strategic partnership agreement with Al-Ittihad and Al-Ahly clubs, according to which it will be a strategic partner for the two clubs, in a 20-year contract worth SR100 million for each club The agreement is effective from 2022, with the possibility of reviewing the terms every five years. The partnership agreement with the two clubs, which are considered among the most prominent in the region and Asia, comes within the company's goals to enhance the lifestyle in the city of Jeddah and improve the sports scene by providing support for the two clubs, in line with the strategy of the Public Investment Fund aimed at diversifying and enriching the experience of tourism, entertainment and sports, and reaching one of the objectives of the Kingdom's Vision 2030 to create a more vibrant society. The agreement was signed at a ceremony to celebrate the strategic partnership between the company and the two clubs, in the presence of the CEO of Central Jeddah Development Company Eng. Ahmed bin Abdulaziz Al-Saleem, the Chairman of the Board of Directors of Al-Ittihad Club Anmar Al-Haili, and the Chairman of the Board of Directors of Al-Ahly Club Majid Al-Nafi'i. The agreement includes a number of advertising and investment privileges. In remarks on the occasion, Al-Saleem explained that this agreement is an important step in the project's journey, noting that the Downtown Jeddah project aims to create a global destination in the heart of Jeddah, to contribute to achieving one of the goals of the Kingdom's Vision 2030 aimed at providing a prosperous economy and a vibrant society for residents and visitors, noting that this agreement is one of the largest partnership contracts in the history of the two clubs, which provides an exceptional opportunity to increase their annual revenues, by benefiting from the great financial support provided by the partnership. Downtown Jeddah project will be implemented in a strategic location on an area of 5.7 million sq.m. in the heart of Jeddah. The project aims to develop quality projects in vital and promising sectors including tourism, sports, cultural, entertainment, commercial, and residential, as well as to provide a modern lifestyle and global entertainment options, and generate jobs in promising economic sectors, in addition to highlighting the cultural identity and authentic architecture of the city of Jeddah with a modern and renewed template. — SPA
