Armah Sports Signs SAR 224 Million Contract with Banan Subsidiary to Develop and Operate Fitness Clubs

Armah Sports Company announced the signing of a contract with Qimam Nashaz Real Estate Development Company, a subsidiary of Banan Real Estate Company, to develop and operate two fully equipped fitness clubs in Riyadh.

The agreement includes the development of fitness clubs under the “Optimo” brand, owned by Armah Sports Company. These clubs will cater to men and women, focusing on luxury, privacy, and premium services. The project, valued at SAR 224 million (excluding VAT), involves preparing facilities ready for operation, excluding movable furniture and sports equipment.

The two fitness clubs will be located on leased land on the Northern Ring Road in the Al-Wadi district of Riyadh. The contract spans a duration of 19 years, beginning from the handover date.

This partnership marks the first in a series of planned collaborations between Armah Sports and Banan Real Estate Company and its affiliates, aligning with Armah’s strategy to develop integrated fitness clubs and diversify funding sources for expansion.

The financial impact of this project will be realized upon the completion and operation of the fitness clubs.