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Armah Signs Riyadh Sports Club Lease

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Armah has signed a lease agreement with Saad Abdulrahman Alluhaidan to invest in a 7,818.5 square meter land plot located on the Northern Ring Road in the Al-Wadi neighborhood of Riyadh.

According to a statement on Tadawul, Armah plans to develop and run two sports clubs on this land plot, along with commercial and office spaces.

This investment aligns with the company’s business strategy to expand in key areas to achieve growth and target returns.

The 21.5-year lease began from the signing date and includes a one-and-a-half-year grace period where no rent will be charged.

The average annual rental value for the plot is SAR 6.38 million, making the total contract value SAR 127.63 million, excluding VAT.

The two clubs, under Armah’s Optimo brand, will cater to both men and women, offering luxury, privacy, and premium services.

The financial impact will be visible once the project is completed and operational. There are no related parties involved, the statement added.

Armah will provide updates on any significant developments regarding the lease and the project and will announce new locations in the future as part of the company’s strategy.

                         

Source: argaam

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