‎Banan’s unit signs SAR 224M contract with Armah Sports

January 28, 2025

‎Banan’s unit signs SAR 224M contract with Armah Sports

‎

Logo ofBanan Real Estate Co.

Banan Real Estate Co.’s subsidiary, Qimam Noshoz Real Estate Development Co., inked a contract with Armah Sports Co. to develop and lease two sports clubs in Riyadh, along the Northern Ring Road, at a total value of SAR 224.02 million (excluding VAT), according to a statement to Tadawul.

For more news and details on the projects

The contract spans 19 years and includes a maximum 24% increase in value based on the clubs’ performance and revenue.

Under the agreement, Qimam NOshz will develop the land leased by Armah, located in Riyadh on the Northern Ring Road in Al-Wadi district, into two fully equipped fitness clubs (one for men and one for women), excluding movable furniture and sports equipment. Additionally, Qimam NOshz will develop and operate a commercial building.

Armah Sports will lease the fitness clubs under a long-term contract starting from the handover date for 19 years, with an initial value of SAR 224.02 million (excluding VAT) and a potential increase of up to 24%. Qimam NOshz will bear the full cost of leasing the land for the contract duration.

‎

Logo ofBanan Real Estate Co.

For more news and details on the projects

The contract spans 19 years and includes a maximum 24% increase in value based on the clubs’ performance and revenue.