Saudi Arabia’s push to become a global soccer power is evolving on and off the pitch after the country spent huge sums signing up international stars. Saudi clubs have paid roughly $2 billion in transfer fees since summer 2023, comparable to the Spanish league in the same period — despite generating a fraction of the revenue. Al Nassr is not alone: fellow PIF-owned side Al-Ittihad are also keeping spending relatively low this summer. By the end of July 2024, Jeddah-based Al-Ittihad had spent about 374 million riyals ($100 million); at the same point this year, the club had spent about 68 million riyals amid reports of a liquidity crisis. The contrast with transfer activity at Al-Hilal has frustrated Al-Nassr’s Ronaldo enough that he briefly sat out matches in protest last season.