The renovation is set to boost the stadium’s capacity from 99,354 seats to 105,000, as well as other major improvements, including adding a roof.
Saudi Arabia was the sole bidder after India withdrew in December.
Al Ittihad eliminated Al Nassr by a score of 3-1 as Ronaldo failed to make a goal.
Foreign capital has already started to flow into the spiritual home of the beautiful game as investors seek to tap into new potential revenue streams.
Italy's biggest football club were rocked on Friday by the Italian Football Federation's decision to dock them 15 points after ruling they had managed capital gains from transfers to artificially benefit their accounts.
Since becoming the best-paid footballer in history, the Portuguese superstar kicks off Saudi Pro League debut by leading Al Nassr to a 1-0 victory over Ettifaq.
Inspired by teenager Gavi, who scored himself and set up goals for Robert Lewandowski and Pedri Gonzalez, the Catalans produced one of their best performances in years against their bitter Clasico rivals.
Algeria closed its airspace to all Moroccan flights in September 2021, the month after it cut off diplomatic ties with its rival, accusing it of "hostile acts".
The five-time Champions League winner released a statement to bid farewell to Welsh fans, saying his decision to retire from international football had been "by far the hardest of my career."
Le Graet's dismissal of Zidane as a potential successor to Deschamps comes two years after he had backed the former midfielder to take up the reins if he was available.
It is the first time Iraq hosts the regional competition since 1979, the same year Saddam Hussein seized power in Baghdad.
Ronaldo had been slapped with the ban in November for hitting a mobile phone out of a teenage fan's hand.
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