RIYADH: American led Harburg Group, the first foreign owners of a Saudi Pro League club, said their goal is not to sign global stars but to develop them, after acquiring 100% ownership of Al-Kholood.

The investment firm aims to steer away from the marquee spending that has defined the league, through the acquisitions of Cristiano Ronaldo, Neymar and Karim Benzema by clubs financially backed by the kingdom`s sovereign wealth arm, the PublicInvestment Fund.

`We believe football players are Saudi Arabia`s next great export. So we are not here to buy superstars, we are here to develop them, Harburg Group founding partner, Brian Wright Vias said.

Al-Kholood are far from the big guns like Al-Nassr, Al-Hilal and Al-Ittihad. Based in Ar-Rass, in the lesserknown agricultural province of Al-Qassim, they were promoted to the top flight in the 202425 season and managed to survive after finishingninth out of 18.

`We`re incredibly excited about the upward trajectory of the club, the passion of its fans, and its vibrant region, Al-Qassim,` Harburg Group owner Ben Harburg added.

The league`s biggest signings so far this transfer window have been France defender Theo Hernandez from AC Milan to Al-Hilal and Italy striker Mateo Retegui from Atalanta to Al-Qadsiah.

Saudi Arabia announced the privatisation of three soccer clubs on Thursday, as partof efforts to expand its sports sector, a key pillar of the oilrich kingdom`s Vision 2030 plan to diversify the economy.

The ownership of Al-Zulfi Club will transfer to Nojoom AlSalam company and Al-Ansar to the Awdah Al Biladi And His Sons company.

The Harburg Group currently owns a 6.5 percent stake in Cadiz, a club in Spain`s second division.

Saudi Arabia has shaken up football by spending heavily on stars from Europe, starting with Ronaldo`s move in late2022, and the desert nation will host the World Cup in 2034.

For the past two years, Saudi football fans could watch the likes of Ronaldo and Benzema on any given weekend during the Saudi Pro League season in the kingdom.

The oil-fuelled Saudi football project has drawn comparisons with the Chinese Super League, which imported players on exorbitant salaries until team owners went bust as the Chinesee conomy fizzle d.

But with Saudi Arabia set to host the World Cup, and desperate to re-model itself as a tourism and business magnet before global oil demand falls for good, there is probably more to come from the Pro League.

Sports are a major component of the Vision 2030 reform agenda overseen by de facto ruler Crown Prince Mohammed bin Salman, which aims to diversify the economy of the world`s top crude oil exporter.-Agencies