Armah leases land in Riyadh for 2 B-FIT sports clubs

Logo of Armah Sports Co. 

Armah Sports Co. signed today, May 21, a land lease agreement for a 5,821-square-meter (sqm) plot with the heirs of Mohammed Suliman Al-Yahya to establish and operate two sports clubs under its “B-FIT” brand.

The lands are located in Abu Bakr Al-Siddiq Road in Riyadh’s Al Narjis District, according to a statement to Tadawul.

The lease agreement runs for 20 years, starting after a 24-month grace period from the handover date. The total contract value, including the two-year grace period, exceeds 36% of the company’s revenue based on its audited 2025 financial statements, excluding VAT, the statement added.

The project is expected to be completed within two years, with the related financial impact set to begin showing upon operational kick-off.

Armah said it will appoint a contractor to build the two clubs and will announce any material developments in this regard in due course.

The project is one of several initiatives aimed at developing integrated sports clubs as part of the company’s expansion strategy through prime locations to achieve targeted growth and returns, with no related parties to the deal, the company said.

Armah generated nearly SAR 225 million in revenue in 2025, of which 36% represents approximately SAR 81 million, according to Argaam’s data.