Abu Dhabi's International Petroleum Investment Company (IPIC) has reportedly secured naming rights to Real Madrid's Santiago Bernabeu stadium, part of a wider deal which will see a theme park based around the Spanish club based in the UAE capital.
The Madrid stadium will be remained Abu Dhabi Santiago Bernabeu as part of a deal with IPIC, which is owned by the Abu Dhabi royal family, worth up to €500 million ($642 million) over 20 years, Spanish newspaper Marca reported.
The Spanish football club had previously signed a deal with the RAK government and the RAK Marjan Island Football Investment Fund to build a 50-hectare themed resort on the man-made island.
It had been scheduled for completion in January 2015, but the plans were shelved last year and the RAK authorities are negotiating with new partners for the project.
However, speaking at Real Madrid's general assembly, club president Florentino Perez indicated that it still had ambitions for the UAE, Sport 360 newspaper reported.
“We're getting there,” he said. “There has never been any economic cost to us. But instead of doing it in a small Emirate, we're trying to do it in a location in Abu Dhabi.
"We are continuing to advance plans for a theme park where the experience of living Real Madrid will be unique."
Earlier this year, the world’s first ever Real Madrid Café opened in Jumeriah Beach Residence in Dubai (pictured below).
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