Sport Clubs leases Khobar land for SAR 55M to build 2 gyms

Logo of Sport Clubs Co.

Sport Clubs Co. inked today, Oct. 9, a land lease agreement worth SAR 54.95 million (VAT exclusive) with Abdulrahman Saleh Al Rajhi & Partners Co., to build two fitness centers in Khobar — Body Masters and Body Motions.

In a Tadawul filing, the company said the land lease extends for 21 years and six months. It grants a 5,455-square-meter (sqm) land site on Bashar Bin Burd Street in Al Olaya District, Khobar, plus about 8,000 sqm for parking.

Sport Clubs expects the positive financial impact of that land lease to start showing after the completion of both centers in Q1 2027.

After this deal, the total number of branches with signed lease contracts reached 16. Some are under construction, others are in the design phase or awaiting permits, while more are being negotiated and are expected to open in the first half of 2027.

The company said the deal supports its expansion plans to grow its branch network and strengthen its presence across the Kingdom, adding that any material updates will be announced in due course.

According to Argaam data, Sport Clubs was listed and began trading on the Main Market (TASI) on July 22, at SAR 7.5 per share.