The 24-year-old spent last season on loan at sister club Lyon, scoring two goals and providing four assists in his 20 games across all competitions.
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Almada has put pen to paper on a five-year deal with the Spanish giants, keeping him at the Riyadh Air Metropolitano until 2030.
Usually deployed as an attacking midfielder, the Argentinian is incredibly versatile and capable of playing anywhere across the front line.
Atletico have had a busy summer transfer window so far with Almada marking their sixth permanent transfer so far.
