MADRID, (AFP)— Real Madrid, one of the world’s richest football clubs, have announced they have reached an agreement with Saudi Arabia’s Prince Salman Foundation to build a sports academy in the Middle Eastern country.

The deal will officially be signed in Madrid on Monday, the Spanish club said in a statement published on their website late on Friday.

“The Real Madrid Foundation and the Prince Salman Foundation will join forces on Monday 7 February in order to build a new socio-academic sports academy in Saudi Arabia,” said the statement.

Real Madrid president Florentino Perez, who is also the head of Spanish construction giant ACS, and Enrique Sanchez, deputy chairman of the Real Madrid Foundation, will be at the ceremony with Saudi Prince Mohammed bin Salman and Prince Salman Foundation director general Abdel Aziz Al Masoud.

The Real Madrid Foundation “is the means by which Real Madrid reaches out to society and develops its social and cultural awareness programmes,” the club said.