The structure of the Costa City project, which is being sponsored by Nike, will see teams comprised of boys and girls aged between four and 18.
Saul said: “We have been developing this exciting and beautiful project for several years and I am very happy to be able to present it and make it official today.”
Atletico are due to return to La Liga action following the suspension of top-flight football in Spain as a result of the coronavirus pandemic with an away fixture at Athletic Club on June 14.
Saul was enjoying another strong individual season before play was stopped in March, racking up 37 appearances in all competitions in total, while also contributing four goals.
Unfortunately, Atletico have slipped down to sixth in the Liga table with only 11 matches remaining, and have a real fight on their hands to qualify for the Champions League when the action resumes.
They are, however, still in with a shout of winning Europe’s elite competition this season, after knocking holders Liverpool out in the round of 16 with a 4-2 aggregate victory.