Valencia's Eray Comert passes the ball by Real Madrid's Karim Benzema during a semi-final of the Spanish Super Cup between Real Madrid and Valencia in Riyadh, Saudi Arabia on Jan 11, 2023. (HUSSEIN MALLA / AP)

Thibaut Courtois saved Jose Gaya's spot-kick to give Real Madrid a 4-3 penalty shootout win over Valencia after the teams had finished level at 1-1 after extra time in their Spanish Super Cup semi-final in Saudi Arabia on Wednesday.

Karim Benzema gave holders Real the lead from the spot in the first half after he was fouled by Eray Comert but Valencia came back into the game and deservedly equalized through a Samuel Lino volley from Toni Lato's cross just after halftime.

Vinicius Jr. and Toni Kroos could have won it for Real Madrid in extra time but their shots was saved by an inspired Giorgi Mamardashvili.

Real Madrid kept dominating and defender Eder Militao found Karim Benzema in space with a long pass and was only stopped when Eray Comert fouled him inside the area. Benzema wrongfooted the goalkeeper to score from the spot

Real will face the winners of Thursday's semi-final between Real Betis and Barcelona in the final in Riyadh on Sunday.

"I don't care if it's Barcelona or Betis, the important thing for us is to be in the final," Real's Marco Asensio told Movistar Plus.

"It was a difficult game, with not much pace by both teams so we struggle a bit but reached the final and we came to win the title.

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"We came to the second half with a plan but they equalized soon after the break and that changed our approach. The ball just didn't wanted to go in for us tonight, but we are happy to be where we wanted."

In a half empty King Fahd International Stadium in the Saudi capital Riyadh, Real started well and had three clear chances to score in the first 15 minutes.

Rodrygo skied a close-range shot following a counter-attack. Benzema was denied a jaw-dropping goal after he left behind three defenders with brilliant individual skills but had his shot blocked by a defender and Federico Valverde's long range strike flew just wide.

Valencia's Toni Lato tackles Real Madrid's Luka Modric during a semi-final of the Spanish Super Cup between Real Madrid and Valencia in Riyadh, Saudi Arabia on Jan 11, 2023. (HUSSEIN MALLA / AP)

Real will face the winners of Thursday's semi-final between Real Betis and Barcelona in the final in Riyadh on Sunday

Real kept dominating and defender Eder Militao found Benzema in space with a long pass and was only stopped when Comert fouled him inside the area. Benzema wrongfooted the goalkeeper to score from the spot.

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Valencia grabbed a surprise equalizer in the first play of the second half when Lino produced a close-range volley at the far post from a brilliant long cross from Lato.

Edinson Cavani and Benzema opened the shootout with perfectly placed shots but Comert missed Valencia's second effort with a poorly-struck effort.

Luka Modric, Kroos and Asensio were on target and Courtois secured the win for Real by saving Gaya's spot-kick.