Madrid's young forward Gonzalo Garcia, just 19, opened the scoring in the 34th minute after a rapid counterattack. The move started with Trent Alexander-Arnold, who slotted into midfield on his debut, linking with Valverde and Vinícius Jr before Rodrygo provided the final assist.
But Madrid's lead didn't last long. Just seven minutes later, a defensive lapse led to Raul Asencio pulling down Marcos Leonardo in the box. VAR confirmed the penalty, and Rúben Neves converted coolly to make it 1–1.
Madrid pushed harder in the second half. Arda Guler came off the bench and struck the woodwork with a curling effort.
Despite enjoying more possession and territory, Madrid struggled to break down Al-Hilal's organized defense, anchored by keeper Yassine Bono, who was exceptional throughout.
In stoppage time, VAR awarded Real Madrid a second penalty after a clear foul on Camavinga. Federico Valverde stepped up, but Bono made a brilliant save to deny the Spaniards a dramatic late winner.