Logo ofArmah Sports Co.
Armah Sports Co. announces signed a contract with Gulf Architects for Contracting Co. (GAC) to establish two sports clubs for women and men at a total value of SAR 51.5 million. 
In a statement to Tadawul, the company said that the contract is valid for 14 months from the signing date, and the project will be built on the land leased by Armah in Riyadh in Al Munsiyah district.
For more news and details on the projects
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.
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, the statement added.
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, Armah further noted, indicating that no related parties are participating in the deal.
The company will announce any material developments related to the project in due course.
Logo ofArmah Sports Co.
Armah Sports Co. announces signed a contract with Gulf Architects for Contracting Co. (GAC) to establish two sports clubs for women and men at a total value of SAR 51.5 million.
In a statement to Tadawul, the company said that the contract is valid for 14 months from the signing date, and the project will be built on the land leased by Armah in Riyadh in Al Munsiyah district.
For more news and details on the projects
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.
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, the statement added.
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, Armah further noted, indicating that no related parties are participating in the deal.
The company will announce any material developments related to the project in due course.
