Logo ofArmah Sports Co.
Armah Sports Co.signed a lease agreement with Artal Althalitha Co. to lease two fully equipped and operational sports clubs in Riyadh, excluding movable furniture and sports equipment. 
The clubs are located on a land plot owned by Artal Althalitha, on Imam Saud Bin Abdulaziz Bin Mohammed Road, Al Maseef district, Riyadh.
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According to a statement on Tadawul, the total lease value amounts to SAR 237.1 million, excluding value-added tax (VAT).
The two clubs will be designated for both men and women under the “B_FIT” brand, owned by Armah, which offers fully integrated facilities.
The 20-year contract is expected to show its financial impact once the project is completed and operational.
Under the agreement, Artal Althalitha will develop its owned land to establish two fully equipped and operational sports clubs—one for men and the other for women—excluding movable furniture and sports equipment.
The statement noted that Armah agreed to lease the two clubs under a long-term contract, which will commence upon a full handover of the facilities.
Armah added that Artal Capital Co., as the fund manager, will oversee the development of the sports project in collaboration with the project developer, Maskan Arabia Real Estate Investment and Development Co.
The project is expected to be completed within two years.
The Saudi-listed firm will announce any material developments related to the lease agreement or the sports project as they arise.
The company also confirmed that there are no related parties involved in the contract.
Logo ofArmah Sports Co.
Armah Sports Co.signed a lease agreement with Artal Althalitha Co. to lease two fully equipped and operational sports clubs in Riyadh, excluding movable furniture and sports equipment.
The clubs are located on a land plot owned by Artal Althalitha, on Imam Saud Bin Abdulaziz Bin Mohammed Road, Al Maseef district, Riyadh.
For more news on listed companies
According to a statement on Tadawul, the total lease value amounts to SAR 237.1 million, excluding value-added tax (VAT).
The two clubs will be designated for both men and women under the “B_FIT” brand, owned by Armah, which offers fully integrated facilities.
The 20-year contract is expected to show its financial impact once the project is completed and operational.
Under the agreement, Artal Althalitha will develop its owned land to establish two fully equipped and operational sports clubs—one for men and the other for women—excluding movable furniture and sports equipment.
The statement noted that Armah agreed to lease the two clubs under a long-term contract, which will commence upon a full handover of the facilities.
Armah added that Artal Capital Co., as the fund manager, will oversee the development of the sports project in collaboration with the project developer, Maskan Arabia Real Estate Investment and Development Co.
The project is expected to be completed within two years.
The Saudi-listed firm will announce any material developments related to the lease agreement or the sports project as they arise.
The company also confirmed that there are no related parties involved in the contract.
