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