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Armah Sports Co. Announces Contract Sign Off with Abdullah bin Ali bin Mohammed AlMunif
| Element List | Explanation |
|---|---|
| Introduction | ARMAH Sports Company announces signing a land lease contract to invest on King Abdullah Road, in AlQuds District - Riyadh, to construct and operate 2 sports clubs under the brand owned by ARMAH Sports Company of “B_FIT”, which will be a club dedicated to women and a club dedicated to men. This investment is part of the company's strategy to expand and grow the major locations to generate the growth and returns that achieve the company's strategy. |
| Date of Announcement of the Award | 2023-12-14 Corresponding to 1445-06-01 |
| Contract Subject Matter | lease contract to invest in land on King Abdullah Road in AlQuds District, Riyadh to construct and operate two sports clubs under the brand owned by Armah Sports Company “B_FIT”, which will be a club dedicated to women and a club dedicated to men. |
| Date of Signing the Contract | 2023-12-14 Corresponding to 1445-06-01 |
| Contract Value | The average annual leasing value of the land is 2.5 million per leasing year. Total contract value is 50 million Saudi Riyals (excluding VAT) |
| Contract Details | Lease of land on King Abdullah Road in the Al-Quds District, Riyadh with an area of 5,766 square meters to construct and operate two sports clubs, for a period of 21.5 calendar years from the date of signing the contract. |
| Contract Duration | 21.5 Gregorian years starting from the date of signing the contract. The contract period includes a grace period of one and a half years that does not entail any leasing value. |
| Financial Impact and the Relevant Period | The financial impact of this contract is expected to begin when the project is completed and operated. |
| Related Parties | Non |
| Additional Information | The company will announce any material developments related to the lease contract and the project in due course. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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