'Canelo' in Arabia: brand assurance, sporting uncertainty

At the age of 35 and after 16 titles, Saúl Canelo Álvarez decided to change his career by signing with promoter Turki Al-Sheikh, originally from Saudi Arabia, and explore a market that remains cold for boxing.

"People in Saudi Arabia , due to their culture, are still not 100% interested in boxing. We haven't seen an environment like in Las Vegas or Mexico," Elías Quijada, a journalist for HiSports and Posta Deportes who is covering Canelo's debut in the Middle East, told El Economista.

Canelo made his relationship with Al-Sheikh official in February of this year. One of the main changes is the move of his fights (traditionally two per year) from the United States to Saudi Arabia. This Asian promoter has already worked in recent years with other renowned fighters such as Tyson Fury and Oleksandr Usyk.

This May 3rd will mark a new path for Saúl Álvarez thanks to this contract. The most obvious aspects are the financial and brand aspects, but on the sporting side, doubts persist.

Powerful economy

Canelo is guaranteed $400 million for four fights with Turki Al-Sheikh. The first of these will be this weekend against Cuban William Scull for the International Boxing Federation (IBF) super middleweight title.

The Mexican's second bout in Saudi Arabia is expected to take place in September, against American Terence Crawford, a fight eagerly awaited by fans and experts due to the sporting challenge it entails.

"I think Canelo is a good champion, with an extraordinary record, but he's missing a fight. We're expecting Canelo to do what Julio César Chávez did against Meldrick Taylor. All he needs is a fight with Terence Crawford," Eduardo Lamazón, a TV Azteca analyst with more than 50 years of experience in boxing, told this newspaper.

Álvarez has already established himself as a global brand. According to the sports finance media outlet Sportico , he is among the 30 highest-earning athletes of all time, earning $730 million through 2024.

It's common to see Canel appear in the rankings of the highest-paid athletes of the year, with figures approaching $80 million for two fights a year. However, his debut in Saudi Arabia is estimated to allow him to earn at least double that amount.

“The positive aspect of this relationship is, of course, the financial aspect. It's a practically $400 million contract for four fights, something difficult to find with another Mexican athlete. We're talking about a relationship with the largest and most wealthy promoter in the world. Furthermore, Turki Al-Sheikh is part of the Saudi royal family,” says Elías Quijada.

Canelo is joining the red carpet of elite athletes from different disciplines who have arrived in Saudi Arabia in recent years.

This country has a government mandate called Vision 2030, which aims to elevate the country's reputation through major sporting events in fields such as soccer, golf, tennis, motorsports, and boxing.

So far this decade, athletes such as Cristiano Ronaldo , Neymar, Max Verstappen, Jon Rahm, Aryna Sabalenka, and even Rafael Nadal have competed in that country, taking on an ambassadorial role after his retirement. Now it's Canelo Álvarez's turn.

"This is the history of boxing, which is being written in sometimes incomprehensible ways, but it's all part of the show. We'll see what happens on Saturday; apparently, Canelo is the absolute favorite," emphasizes Eduardo Lamazón.

Sports doubts

Canelo is assured of significant financial growth with the start of his time in Saudi Arabia. The uncertainties lie in the sporting demands of a destination that is just building its identity in boxing.

“I think this won't work for many years, nor will Saudi Arabia remain like Las Vegas forever, because they're promoting a factory of losers. I mean, on this side of the world, if a boxer loses, he returns to the gym in two weeks and fights in four. It's normal. But over there, they bring in two boxers from abroad, and the loser returns to a world where he's not very attractive. They'll never call him from Saudi Arabia again,” Lamazón analyzes.

This isn't the first time an international event has been held in Arab territory. These shows, held as part of Riyadh Season (the country's cultural and sporting events brand), began in 2018 with Callum Smith and George Groves. Since then, Tyson Fury, Oleksandr Usyk, Anthony Joshua, Dmitry Bivol, and another Mexican, Andy Ruiz, have performed, among other high-profile fighters.

“Anything can happen at Riyadh Season,” said Turki Al-Sheikh, whose official title is representative of the General Entertainment Authority (GEA) of Saudi Arabia, in early 2025.

However, Canelo 's arrival comes after a couple of years in which questions have been raised about whether his performance is already on a downward curve, although it should be noted that the Mexican has only lost two of his 66 professional fights since 2005, the most recent being against Dmitry Bivol in May 2022.

For Elías Quijada, Turki Al-Sheikh's relationship will allow Saúl Álvarez to fight in high-profile bouts, and his victories will determine whether they extend the relationship to more than four fights.

"Turki has very good fighters, so there are good fights coming up, especially next year and in September against Terence Crawford, which this promoter is making possible. Yes, we're talking about Canelo being a veteran boxer, but he still has a lot to give with this promoter. Al-Sheikh has had great fights, not Saudi Arabia as a country. We look at the ones he's had with Usyk, Fury, Bivol, Beterbiev, so there's a certain weight on their part.

"We'll have to see how Canelo fares with this promoter. If he does well, I think there'll be more business between them. If not, he'll have to find a new promoter and look for better exhibitions to finish his career."

The May 3 event will also include the professional debut of Mexican Marco Verde, who won a silver medal at the 2024 Paris Olympic Games .

At the beginning of 2025, the Sinaloan native announced his new relationship with Eddy Reynoso, manager of "Canelo" Álvarez and who has also trained boxers like Andy Ruiz and Óscar Valdez. Verde will debut against Michel Galván, another Mexican invited to the Riyadh Season event.

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