Riyadh – Mubasher: Armah Sports Company signed a building lease contract on Mecca Road to develop and operate two new fitness clubs under one of its brands, according to a bourse filing.

These clubs will feature enhanced facilities and a wide range of advanced technologies, offering a unique fitness experience.

Meanwhile, the company has 21 locations, including 12 operating branches and nine that are under construction.

Armah penned the deal with Hussein Alamoudi on 22 July 2024 to expand in prime locations and achieve targeted growth and returns.

The average annual lease value of the building is SAR 3.64 million, while the total contract value is SAR 54.61 million.

Earlier this month, the Tadawul-listed firm inked an agreement with Saad Abdulrahman Alluhaidan at a value of SAR 127.62 million.