Armah signs land lease to establish, operate sports club in Riyadh

Logo of Armah Sports Co.

Armah Sports Co. signed a land lease agreement with Fawaz Abdulmohsen Saad Bin Saeed to establish and operate a sports club in Riyadh’s Al-Sulaimaniyah district on Makkah Road.

The lease term is 20 years, starting after a 24-month grace period from the handover date, according to a statement to Tadawul today, Oct. 18.

The total contract value over the full term exceeds 13% of its revenue, based on the 2025 audited financial statement, excluding value-added tax (VAT).

The male-only fitness club will operate under the company-owned B-FIT brand, which offers fully integrated facilities and technology-driven innovations to deliver a distinctive sports experience.

The company said it will appoint a contractor to build the club in accordance with its approved specifications and designs. The project is expected to be completed within two years on a 2,500-square-meter plot.

The project is one of several initiatives aimed at developing fully integrated sports clubs as part of its business plan to expand through prime locations, achieve growth and deliver targeted returns.

With the new site addition, Armah’s total number of locations will rise to 30, marking another step toward its strategic target of reaching 50 clubs by 2030.

The company expects the related financial impact to begin showing once the project is completed and operations commence. It will announce any material developments related to the lease agreement and the sports project in due course.

According to Argaam data, Armah reported revenue of SAR 224.9 million in 2025, meaning the contract value exceeds SAR 29.23 million.