Saudi: Armah rolls out $65mln deal with Banan Real Estate's subsidiary
Under the development and operation contract, Qimam Nashaz will build two fully equipped fitness clubs ready for operation in Riyadh in Ar Rahmaniyyah district at Al Takhassousi Road, according to a bourse filing.
The clubs, one for men and another for women, will operate under Armah's Optimo brand, known for delivering high-end services, privacy, and exclusivity.
Qimam Nashaz will build the clubs on its land, while Armah Sports will lease and operate them for 20 years, starting from the handover date, as per the agreement signed on 22 June 2025.
The deal includes a potential contract value increase of up to 24%, based on the clubs' performance and revenue growth.
Armah highlighted that the agreement aligns with its strategy to diversify funding sources and support its expansion plan.
Meanwhile, the financial impact of the contract is expected to begin once development is complete and the clubs are fully operational.
In February, the two parties teamed up to establish fitness clubs on the Northern Ring Road in Riyadh's Al Wadi district for an amount of SAR 224.01 million.
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