Armah inks contract to set up 2 clubs for SAR 51.5M

Armah Sports Co. signed a contract with Gulf Architects for Contracting Co. (GAC) to establish two sports clubs for women and men at a total value of SAR 51.5 million.

In a statement to Tadawul, the company said that the contract is valid for 14 months from the signing date, and the project will be built on the land leased by Armah in Al Munsiyah district, Riyadh.

The two B_FIT clubs will feature state-of-the-art facilities and a wide range of innovative technologies, offering a unique fitness experience.

The contractor’s dues will be paid in installments based on monthly payment certificate on work progress. Accordingly, the financial impact is represented in the cash outflow for the amount payable to the contractor over a period of 14 months, the statement added.

Amarah expects a positive financial impact after the club are ready. There are no related parties to the deal, it added.

The company will announce any material developments related to the project in due course.