Armah Sports Company announced 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 is July 8, 2024. 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. Contract Value: The average annual leasing value of the land is 6,381,375 million per leasing year. Total contract value is SAR 127,627,500 (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 & 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.