Armah Expands to Jeddah

Armah Sports Co. finalized a lease agreement on July 22 for a property on Makkah Road in Jeddah, with plans to develop and operate two fitness clubs, as announced in a statement to Tadawul.

The 15-year lease averages an annual rent of SAR 3.64 million, totaling SAR 54.62 million excluding VAT.

The agreement includes a four-month grace period during which no rent is due.

The new fitness clubs, catering to both ladies and men, will be operated under one of the company's brands.

These clubs will boast advanced facilities and a variety of innovative technologies, providing a unique fitness experience.

This addition brings Armah's total to 21 locations, comprising 12 operational branches and nine under construction.

This investment is part of Armah's strategy to expand into prime locations and achieve its growth and return targets.

The financial impact is expected to begin once the clubs become operational.

The property features two distinct units, each designated for the respective fitness clubs for women and men.

The company will provide updates as necessary, and the agreement does not involve any related parties.

Source: argaam

The opinions shared in the GymNation blog articles are solely those of the respective authors and may not represent the perspectives of GymNation or any member of the GymNation team.