Prince Abdullah, 47, grandson of the founder of the kingdom of Saudi Arabia, King Abdulaziz, has secured a 50 per cent interest in the club's holding company Blades Leisure Ltd and becomes co-chairman alongside McCabe.
McCabe said: "We are thrilled to be building this new partnership for Sheffield United with Prince Abdullah, who shares our vision for the Blades to join the top tier of English football.
"The McCabe family remains wholly committed and over the past 10 years has invested more than £90million in rebuilding our fine and proud club, which now has a top-class stadium, academy and junior development centre."
Prince Abdullah, former president of Saudi Arabia's most successful club Al Hilal, said: "I am delighted to invest in such a sensibly-organised, family and community club with a great history and heritage.
"Joining Sheffield United FC at a time close to its 125th year in existence is significant to me and, like Kevin, I am determined to see it achieve its goals and look forward to working with the whole Blades community.
"However, money will be spent judiciously, and in any case we must comply with the Salary Cost Management Protocol."
Prince Abdullah, a prominent Saudi businessman and industrialist, is the founder and chairman of the publicly-listed Saudi Paper Manufacturing Group, the largest paper tissue manufacturer in the Middle East.
His son, Abdulraham Bin Abdullah, principal advisor James Phipps and Turkish businessman Selahattin Baki have all been installed as directors of Blades Leisure Ltd.