Riyadh – Mubasher: Armah Sports Company has inked a development and operation agreement with Qimam Nashaz Real Estate Development Company, an affiliate of Banan Real Estate Company, to develop two fully equipped fitness clubs on the Northern Ring Road in Riyadh’s Al Wadi district.
The contract is valued at SAR 224.01 million excluding VAT, while the development is the first of several projects to be carried out between Armah in addition to Banan Real Estate and its affiliates, according to a bourse filing.
Under the agreement, Armah will lease the two sports facilities under the Optimo brand for 19 years starting from the handover date. Meanwhile, the involved parties penned the contract on 27 January 2025.
In addition, the property developer Qimam Nashaz will bear the full rental value of the land for the entire contract period with the owner.
It is worth mentioning that Banan Real Estate recently unveiled plans along with its subsidiary Al Azizah Real Estate Investment and Development Company to purchase equity in Qimam Nashaz Real Estate.
In July 2024, Amrah signed a building lease contract to develop and operate two new fitness facilities under one of its brands.
