Real Madrid's iconic Santiago Bernabeu is set to be refurbished by funding from the UAE after the Abu Dhabi government owned company International Petroleum Investment Company (IPIC) agreed a long-term investment deal with the 2014 Champions League winners.
Marca first reported in September that IPIC was in discussions with Real president Florentino Perez to take ownership of the redeveloped Bernabeu's naming rights, the first in a series of developments which have seen the club increase its presence in the UAE.
Perez had agreed a deal with the National Bank of Abu Dhabi (NBAD) to make the UAE company the club's official banking partner just a week prior to those reports and have since been rumoured to be contemplating the UAE capital as the destination for the failed Real Madrid theme park, first mooted for development in RAK in 2012.
Real are also sponsored by Dubai airline Emirates.
Neither the club or IPIC have confirmed any progress on the naming of Real's stadium.
In a statement released by the club today they did, however, confirm that as part of the agreement the two financial behemoths would attempt to turn the Bernabeu into "the greatest sporting venue in the world."
Perez said in the statement: "This is the beginning of a long relationship and the start of a powerful alliance that could be key to us meeting one of our greatest challenges: turning the Santiago Bernabéu into the greatest stadium in the world."
The deal will see IPIC and Madrid create "unique digital media content" and develop the club's museums with the overall ambition of "globalising the club's assets."
“This alliance will also strengthen the club's heritage," added Perez. "It will help develop the Museum in such a way that Real Madrid can hold international exhibitions so that fans are able to see the Museum's contents wherever they may be."
As per the agreement, IPIC will become the official licensee for Real Madrid's sporting schools in the UAE and in other unconfirmed territories.
His Excellency Khadem Abdullah al-Qubaisi, chief executive of IPIC, said: “We are very proud to join up with Real Madrid, the most important football club there is.
"This agreement will allow Real Madrid's epic football to reach the whole world. It will allow the club to globalise its assets and legacy. We also share the vision of turning this stadium into a venue of sporting excellence”.
Neither party revealed the value or length of the deal.
