Armah Sports signs land lease contract to construct and operate sports club in Riyadh

ARMAH Sports Company announced on Sunday signing a land lease contract to invest on Mecca Road, in AlHada District – Riyadh, to construct and operate a sports club for men under the brand owned by ARMAH Sports Company of “B_FIT”, which provides full-service facilities and a wide choice of technical innovations that integrate with a distinctive sports experience.

According to the company, the average annual rental value for the land is 986.2 riyals, while the total contract value is 19.7 million riyals (without value-added tax).

The company added that the contract duration is 22 Gregorian years starting from the date of signing the contract. The contract period includes a grace period of two years that does not entail any leasing value.

The company expected that the financial impact of this contract would be when the project is completed and operated.

The company added that this investment is part of the company’s strategy to expand and grow the major locations to generate the growth and returns that achieve the company’s strategy.