Riyadh – Mubasher: Armah Sports Company penned a land lease contract to develop and operate two fitness clubs as well as commercial and office spaces in Al Wadi District, according to a bourse filing.

Under the brand OPTIMO, the clubs will be dedicated to women and to men. This investment aligns with the company’s business plan to expand through prime locations, grow, and achieve targeted returns.

Armah penned the deal with Saad Abdulrahman Alluhaidan, on 8 July 2024, at a value of SAR 127.62 million.

The agreement holds a tenor of 21 and a half years starting from the date of signing the contract. The contract period includes a grace period of one and a half years that does not entail any leasing value.

Meanwhile, the financial impact of this contract is expected to begin when the project is completed and operated.

It is worth highlighting that the firm traded its shares on the Parallel Market (Nomu) in November 2023.