Banan’s Subsidiary Signs SAR 244.11 Mln Contract to Develop, Lease Two Sports Clubs

Banan Real Estate Co. announced on Monday that its subsidiary, Qimam Noshoz Real Estate Development Company, signed a contract with Armah Sports Company to develop and lease two fully equipped and operational sports clubs (excluding movable furniture and sports equipment) in Riyadh’s Al-Rahmaniyah neighborhood on Al-Takhassusi Road. The contract is valued at SAR 244.11 million, excluding Value-Added Tax (VAT).

The Company stated in a statement to the Saudi Exchange (Tadawul) that the two clubs will be dedicated to men and women under the “Optimo” brand, owned by Armah Sports Company, which offers clubs designed for individuals seeking luxury, privacy, and high-level services.

Banan Real Estate added that during the project’s implementation, the Company will generate direct revenues from the development work, while also strengthening its investments and boosting returns through its subsidiary, Qimam Noshoz Real Estate Development Company, upon project completion