The Colombia striker left Aston Villa for Al-Nassr on Friday for a fee rising to €80m.
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Duran has signed a five-year contract with Al-Nassr worth €110m - tax free.
He told his new club's website: "I am very happy with this step. People speculate, but only my family, my agent and I know why we made these decisions."
Despite increasing his salary fivefold, he stressed that "money doesn't move me".
The Colombia striker, who will share a dressing room with Cristiano Ronaldo, has described the Portuguese as "the best athlete in the world".
"For me he is the biggest star in football. I am hoping to get there quickly, to be able to learn everything he can teach me and follow in his footsteps," he said.