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Al Hilal (Saudi Arabia) did make the final of the most recent World Club Cup held last year. They beat Flamengo in the semi finals, lost to Real Madrid in the final. It could be that you are thinking of.

It does include teams outside of Europe but you have to go quite a way down the list to find them. The World Club Championship has been won by European teams since 2013. The last South American winners were Corinthians in 2012. As it’s meant to be ranking current teams there is very limited...