Banan Unit Signs SAR 110.4M Riyadh Sports Club Deal

A subsidiary of Banan has signed a real estate agreement valued at SAR 110.4 million (excluding VAT) with Armah to develop and operate a men's sports club in the Al-Qirawan District of Riyadh, on Prince Musaed bin Jalawi Road. The deal marks a fresh addition to the capital's growing network of fitness and leisure facilities.

Under the agreement, the facility will be developed as a fully equipped, ready-to-operate club, excluding movable furniture and sports equipment. Once completed and handed over, the venue is set to be operated under Armah's B_FIT brand.

The contract runs for a term of 20 years, starting from the date the finished facility is handed over. It carries an annual rental value of SAR 5.52 million, excluding VAT, over the life of the agreement.

Why it matters

For residents in Riyadh, the project points to continued expansion of modern sports and wellness options across the city's neighborhoods. As demand for fitness services grows among both Saudi nationals and expatriate families, new purpose-built clubs like this one add to the range of facilities available close to home.

The agreement also reflects rising investment activity in Saudi Arabia's sports and leisure sector, an area receiving increasing attention as part of wider efforts to promote healthy lifestyles and community-focused amenities in the Kingdom.

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