Armah Sports Company has signed a 20-year development and lease agreement with Emaar Al Waseel Al-Mutamayyizah Company, a subsidiary of Banan Real Estate Company, for a men’s sports club in Riyadh’s Al-Qirawan district.

The club, to be developed in accordance with designs and specifications prepared and approved by Armah Sports, will operate under Armah’s “B_FIT” brand and will be dedicated to men.

The facility will include full-service sports and fitness amenities as well as technology-enabled services, Armah said.

The project forms part of Armah’s expansion plans and its strategy to diversify funding sources, the company said. It is being developed in cooperation with Banan Real Estate and its subsidiaries, with Armah targeting expansion in prime locations to support growth and returns.

Under the agreement, Emaar Al Waseel Al Mutamayyizah will develop the club on Prince Musaed bin Jalawi Road in accordance with specifications and design plans approved by Armah Sports.

The agreement, signed yeasterday (September 5), has a total value of SAR 110.4 million ($29.4 million) over the 20-year term, excluding value-added tax. Armah will pay annual rent of SAR 5.52 million, with the lease commencing upon full handover of the facility.

The project is part of Armah's expansion plans. It is expected to be completed within two years, with the financial impact expected to begin once the club is completed and operational.-TradeArabia News Service