Armah inks lease contract with Abdullah Al Munif to build 2 sports clubs

19/12/2023 Argaam

Armah Sports Co. announced in a statement to Tadawul that it signed a lease contract with Abdullah bin Ali bin Mohammed Al Munif as the landlord to construct and operate two sports clubs, according to a statement to Tadawal.

 

The relevant financial impact is expected to appear when the project is complete and operational.

 

The company will announce any material developments related to the lease contract and the project in due course.

 

Armah signed on Dec. 14 a land lease contract to construct and operate two sports clubs—one for men and the other for women—under the brand name “B_FIT”, Argaam reported.

 

The land, located on King Abdullah Road, Al-Quds District (Riyadh), has an average annual leasing value of SAR 2.5 million per year, and the total contract value is SAR 50 million, excluding VAT.

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