Riyadh – Mubasher: Armah Sports inked a development and operation contract with Emaar Al Waseel Al Mutamayiza, a subsidiary of Banan Real Estate Company, to establish a new sports club in Riyadh.

The total value of the contract over its 20-year duration is SAR 110.40 million, excluding value-added tax.

Under the terms of the agreement, Emaar Al Waseel Al Mutamayiza will develop a fully equipped male fitness facility on Prince Musaed bin Jalawi Road in the Al Qairawan district.

The project will be built according to specifications approved by Armah Sports and will operate under the company’s "B-FIT" brand.

Upon completion, Armah Sports will lease the facility for an annual rental fee of SAR 5.52 million.

The project is expected to be completed within two years. Armah Sports noted that the financial impact of the agreement will materialize once the project is fully operational.

This initiative aligns with the company’s expansion strategy to secure prime locations and diversify funding sources through partnerships with Banan Real Estate and its subsidiaries. No related parties are involved in the transaction.