Latest news with #ArmahSports
Zawya
25-06-2025
- Business
- Zawya
Banan unit in deal to develop Riyadh fitness clubs
Banan Real Estate Companyhas announced that its subsidiary, Qimam Noshoz Real Estate Development Company, has signed a contract with Armah Sports Company for the development and leasing of two fully equipped fitness clubs ready for operation (excluding movable furniture and sports equipment) in the Al Rahmaniyah neighbourhood of Riyadh. Located on Al Takhassusi Road, these two clubs will be dedicated to men and women under the "Optimo" brand, owned by Armah Sports Company, said Banan Real Estate Company in its filing to Saudi bourse Tadawul. Armah Sports Company offers clubs designed for individuals seeking luxury, privacy, and high-level services. This project is one of several to be implemented between Armah Sports Company and Banan Real Estate Company, aiming to develop integrated sports clubs. The scope of work includes development of two fully equipped and operational fitness clubs, one for men and one for women (excluding mobile furniture and sports equipment) with a long-term contract starting upon their full delivery for a period of 20 years. On the financial impact, Banan said it will generate direct revenues from the development work, in addition to strengthening its investments and increasing its returns through its subsidiary, Qimam Noshoz Real Estate Development Company, upon the project's completion.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
24-06-2025
- Business
- Zawya
Saudi: Armah rolls out $65mln deal with Banan Real Estate's subsidiary
Riyadh - Armah Sports Company has penned a SAR 244.11 million deal with Qimam Nashaz Real Estate Development Company, a unit of Banan Real Estate Company. 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.
Syyaha
08-04-2025
- Business
- Syyaha
Adeera and Armah Sports Unite to Enhance Wellness and Fitness Experiences for Guests
Riyadh, April 8, 2025 – Hotel management company 'Adeera', a PIF company, has signed a Memorandum of Understanding (MoU) with Armah Sports, a leading fitness brand in the Kingdom of Saudi Arabia, to introduce a technology-driven and guest-centric luxury wellness and fitness experience across its properties. Armah Sports having distinguished experience and have established multiple fitness chains since 1994, becoming the fitness center chain in Saudi Arabia and playing a part in shaping the industry. As part of the partnership, Armah Sports & Adeera will introduce cutting-edge wellness concepts tailored to Adeera's hospitality offerings. The collaboration will focus on designing and equipping premium, sustainability-driven wellness and fitness facilities, curating exclusive activations and services to enhance guest experiences, and ensuring seamless operational excellence in fitness facility management. Stefan Leser, CEO of Adeera, said: 'We believe luxury hospitality and guest wellbeing go hand in hand. True hospitality is a holistic experience, enabling our guests to prioritise their health and lifestyle seamlessly, even when they are away from home. With this agreement, Adeera and Armah Sports set the stage for a new era in hospitality, where fitness, wellness and sustainability come together for guests seeking balance, rejuvenation and world-class facilities.' Fahad Al Haqbani, CEO of Armah Sports, added: 'Our mission has always been to transform fitness and wellness spaces by integrating cutting-edge technology, sustainable practices and top-tier expertise. This partnership with Adeera will allow us to bring our industry-leading solutions into the heart of luxury hospitality.' Adeera aims to transform luxury hospitality in the Kingdom by blending the warmth and generosity of Saudi hospitality with the evolving preferences of modern travellers. As health-conscious and sustainable travel experiences continue to gain momentum, this collaboration offers a harmonised approach to wellness-focused hospitality. Armah Sports, a leader in sustainable fitness innovation, has pioneered eco-conscious fitness centres incorporating BMS solutions, LEED-certified green buildings and plastic-free environments, which aligns with Adeera's dedication to sustainability and excellence.
