Riyadh Air will be the proud sponsor of the Atletico kit and will also have the naming rights for the Metropolitano stadium.
The agreement will run to 2033.
Riyadh Air will pay €33m-a-year for the stadium rights and €40m-a-year for the shirt.
As such, if all bonus targets are met, the deal with the Saudis will be worth a massive €657m to Atletico Madrid over the nine years.