Armah Sports Signs SAR 237.05 Mln Lease Agreement for Two Fitness Clubs in Riyadh

Armah Sports Co. announced on Tuesday that it signed a lease agreement with Artal Althalitha Company for two fully equipped Fitness Clubs in Riyadh, valued at SAR 237.05 million, excluding Value-Added Tax (VAT).

The clubs, located in Imam Saud bin Abdul Aziz Road in AlMasif district in Riyadh City, are ready for operation except for movable furniture and sports equipment. They will be operated under the “B_FIT” brand owned by Armah Sports, offering fully serviced facilities and a range of technologies for a unique fitness experience.

In a statement on the Saudi Exchange (Tadawul), Armah stated that the project is part of several initiatives aimed at developing integrated fitness clubs under its strategy to diversify funding sources for expansion.

The financial impact of the contract is expected to begin once the project is completed and operational