Armah signs land lease to build, operate 2 sports clubs in Riyadh

Logo of Armah Sports Co. 

Armah Sports Co. signed a lease contract with Saad Abdulrahman Alluhaidan to invest in a 7,818.5 square meters land plot on the Northern Ring Road in the Al-Wadi neighborhood in Riyadh.

According to a statement on Tadawul, Armah plans to establish and operate two sports clubs on this land plot, in addition to commercial and office spaces.

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This investment comes within the company’s business plan, with the aim to expand in key locations to achieve growth and targeted returns.

The 21.5-year contract started from the signing date and includes a grace period of one and a half years that does not entail any rental value.

The average annual rental value of the land plot amounted to SAR 6.38 million, and the contract’s total value is SAR 127.63 million (excluding VAT).

The two clubs will be designated for men and women under the Optimo brand, owned by Armah. Optimo provides clubs designed for people who desire luxury, privacy, and high-level services.

financial impact to show once the project is complete and begins operations. There are no related parties, it added.

Armah will announce any fundamental developments on the lease contract and the project in due course. In addition, announcements will be made about new locations during the coming period to keep pace with the company’s strategy.