Leejam closes 2 centers in area expropriated for Diriyah Gate

10/09/2023 Argaam

Leejam closes 2 centers in area expropriated for Diriyah Gate

A branch of Leejam Sports

Leejam Sports Co. (Fitness Time) closed two fitness centers on Sept. 7, the company said in a statement to Tadawul today, Sept. 10.

 

The closed centers — Fitness Time and Fitness Time-Ladies in Al Khuzama District, Riyadh — were within the expropriated areas in favor of the Diriyah Gate Project, the statement noted.

 

The company will write off assets worth SAR 11.42 million for closing these centers, and this will reflect in the financial statements for Q3 2023.

 

Leejam is currently working on an agreement to compensate the company for the costs incurred with the relevant authorities.

 

Following this, the total number of Leejam centers and studios operating inside and outside Saudi Arabia is 171, the statement added.

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