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Armah Sports Co. Announces a Land Lease Contract Sign Off with Saad Abdulrahman Alluhaidan, on the Northern Ring Road, Riyadh, to develop and operate 2 fitness clubs as well as commercial and office spaces for leasing
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ARMAH
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1446/01/03 09/07/2024 08:00:54
| Element List | Explanation |
|---|---|
| Introduction | ARMAH Sports Company announces signing a land lease contract on Northern Ring Road, in AlWadi District - Riyadh, to develop and operate 2 fitness clubs as well as commercial and office spaces for leasing. The clubs will be dedicated to women and to men, and under the brand “OPTIMO” which is owned by Armah Sports Company, and offered to those who look for luxury, exclusivity and high level service standards. This investment is aligned with the company’s business plan which aims to expand through prime locations, grow and achieve targeted returns. |
| Date of Announcement of the Award | 2024-07-08 Corresponding to 1446-01-02 |
| Contract Subject Matter | Lease contract to develop a land on the Northern Ring Road at Alwadi district - Riyadh to construct and operate 2 fitness clubs in addition to commercial and office spaces for lease. The clubs will be for men and women, and under the brand name “OPTIMO”. |
| The Entity with Which the Contract was Signed | Saad Abdulrahman Alluhaidan |
| Date of Signing the Contract | 2024-07-08 Corresponding to 1446-01-02 |
| Contract Value | The average annual leasing value of the land is 6,381,375 million per leasing year. Total contract value is 127,627,500 Saudi Riyals (excluding VAT) |
| Contract Details | Lease of land on Northern Ring Road in the AlWadi District, Riyadh with an area of 7,818.5 square meters to develop and operate two fitness clubs in addition to commercial and office spaces for lease. |
| 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 | None. |
| 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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