Logo of Armah Sports Co.
Armah Sports Co. signed on Feb. 24 a land lease contract worth SAR 19.72 million (VAT not included) with Abdul Aziz bin Saleh Al Anbar to establish and operate a men’s sports club under its B-Fit brand.
The company will rent the 3,351 square meter (sqm) land plot on Makkah Road in Riyadh's Al-Hada neighborhood for 22 years, beginning on the date of signing the contract and including a two-year grace period with no leasing value, according to a statement to Tadawul.
The annual rental rate is SAR 986,210, and the financial impact of this deal is expected to appear when the project is completed and operational, the statement added.
This investment is part of the company's strategy to expand into key locations in order to achieve more growth and returns.
The are no related parties to the deal, the company added, noting that any material developments in this regard will be announced in due course.
Armah said that it would announce new expansion locations in alignment with the company’s strategy in the coming period.
Armah Sport's B-Fit brand offers full-service facilities as well as a variety of technical innovation options, all while providing a unique sporting experience.
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