Saudi Arabia's Public Investment Fund (PIF) has signed a partnership deal unveiled on Thursday with North American football governing body CONCACAF ahead of the region playing host to the 2026 World Cup.
The deal offers support for CONCACAF (Confederation of North, Central America, and Caribbean Association Football) men's, women's and youth national team and club competitions.
It follows PIF investment in other areas of global football, tennis and backing LIV Golf, a competitor to the PGA Tour and European Tour.
In a release announcing the move, CONCACAF and PIF said the goal of the deal is to spark growth in the sport throughout all 41 CONCACAF federations.
The United States, Mexico and Canada will co-host the 2026 World Cup.
"We are delighted to partner with CONCACAF as the confederation enters an exciting period," said Mohammed AlSayyad, PIF's head of corporate brand.
CONCACAF says the investment, which was not outlined in detail, will support a boost in the number of official youth championships to be contested in the coming years.
"We are very pleased to announce this new strategic partnership which will support the confederation in developing all levels of football across our region," said CONCACAF president and Fifa vice president Victor Montagliani.
"Interest in the sport is growing rapidly in our confederation and will reach new heights as major CONCACAF competitions take place over the next two years and we get closer to the biggest-ever Fifa World Cup taking place in our region in 2026."
The increasing involvement of Saudi Arabia in global sport has not been without controversy with critics claiming it is a means to soften its human rights record.
Earlier this year, tennis legends Martina Navratilova and Chris Evert blasted the decision to host the prestigious season-ending WTA Finals in the country.