| Element List |
Explanation |
| Introduction |
Armah Sports Company announces that it has signed a contract with Gulfs Architects for Contracting Company to establish two sports clubs for women and men on the land leased by Armah Sports Company and located in Riyadh City in Al Munsiyah district. The two clubs will be dedicated to men and women under the (B_FIT) brand owned by Armah Sports, these clubs will feature state-of-the-art facilities and a wide range of innovative technologies, offering a unique fitness experience. |
| Date of Announcement of the Award |
2025-03-13 Corresponding to 1446-09-13 |
| Contract Subject Matter |
contract to establish two sports clubs for women and men |
| The Entity with Which the Contract was Signed |
Gulfs Architects for Contracting Company |
| Date of Signing the Contract |
2025-03-13 Corresponding to 1446-09-13 |
| Contract Value |
Amount of (51,501,449) Saudi Riyals |
| Contract Details |
A fourteen-month contract starting from the date of signing the contract on 13/03/2025, under which Gulfs Architects for Contracting Company will carry out the construction of two sports clubs for women and men on the land leased by Armah Company, located in Riyadh in Al Munsiyah district. |
| Contract Duration |
A fourteen-month contract starting from the date of signing the contract |
| Financial Impact and the Relevant Period |
The contractor’s dues will be paid in installments per monthly payment certificate based on work progress. Accordingly, the financial impact is represented in the cash outflow for the amount payable to the contractor over a period of 14 months. When the new fitness clubs are developed, the financial impact will be positive. This will generate revenues from operating additional fitness clubs. Subsequently it will strengthen the company’s financial position. |
| Related Parties |
None |
| Additional Information |
The company will announce any material developments related to the project in due course. |
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