Issued on 11 September 2026
Executive Summary
PIF has sold 70% of Al-Hilal to Kingdom Holding. The disclosure put the club’s enterprise value at SAR 1.4bn — about $373m at the SAR 3.75 peg — with equity valued at SAR 1.2bn and the 70% stake changing hands for SAR 840m.
Al-Hilal is not a marginal asset. It is the most decorated club in Asia and the flagship of the PIF assembled league.
On 4 August the fund completed its acquisition of Electronic Arts, taking 93.4% of a company the transaction valued at an enterprise value of approximately $55 billion. The same buyer set both prices, less than a year apart. Measured the same way, against enterprise value, the ratio is about 147 to 1.