Armah signs lease to develop, operate 2 fitness clubs in Jeddah

Armah Sports Co. signed on July 22 a lease for a building on Makkah Road, Jeddah, to develop and operate two fitness clubs, according to a statement to Tadawul.

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The 15-year contract was signed for an average annual lease of SAR 3.64 million, SAR 54.62 million excluding VAT). The contract period includes a four-month grace period during which no lease payments are required.

The fitness clubs will be for ladies and men under one of the company’s brands.

These clubs will feature state-of-the-art facilities and a wide range of innovative technologies, offering a unique fitness experience.

With this opening, Armah now has 21 locations, including 12 open branches and nine under construction. This investment aligns with Armah’s strategy to expand in prime locations and achieve targeted growth and returns.

The financial impact is anticipated to commence after the start of operations.

The building has housed two separate units, each dedicated to fitness clubs for women and men, the statement said, noting that the company will duly reveal any related updates. The agreement included no related parties.