Armah inks land lease contract to establish, operate 2 sports clubs

Logo of Armah Sports Co.

Armah Sports Co. signed on Feb. 25 a land lease contract with Ahmed Al Dahash in Al Munsiyah district, Riyadh, to establish and operate two sports clubs for men and women under its B-Fit brand.

The annual rental rate is SAR 3.03 million, and the contract's total value is SAR 60.6 million (excluding VAT), according to a statement to Tadawul.

The company will rent the 6,200-square-meter (sqm) land plot for 21.5 years, beginning on the date of contract signing and including a year-and-a-half grace period with no leasing value.

This investment is part of the company's strategy to expand into key locations in order to achieve more growth and returns.

There 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.