Armah Sports Company (Armah) announces that it has signed a land lease agreement with the heirs of Mohammed Suliman Al-Yahya on Abu Bakr Al-Siddiq Road in Riyadh, Al-Narjis district, to develop and operate two sports clubs

Element List	Explanation
Introduction	Armah Sports Company (Armah, the Company) announces that it has signed a land lease agreement with the heirs of Mohammed Suliman Al-Yahya on Abu Bakr Al-Siddiq Road in Riyadh, Al-Narjis district, to develop and operate two sports clubs. The clubs will be dedicated to men and women under the “B_FIT” brand owned by Armah., and will offer full-serviced facilities and a range of innovative technologies that deliver a unique fitness experience. This project is one of several projects for the Company, as part of their strategy to expand through prime locations in order to achieve targeted growth and returns.
Date of Announcement of the Award	2026-05-21 Corresponding to 1447-12-04
Contract Subject Matter	A land lease agreement to develop the site under which Armah will build and operate two sports clubs on Abu Bakr Al-Siddiq Road in Riyadh, Al-Narjis district. The two clubs will be designated for men and women under the "B_FIT" brand owned by Armah.
The Entity with Which the Contract was Signed	Heirs of Mohammed Suleiman Al-Yahya, as mentioned below: 1. Saad Mohammed Suliman Al-Yahya 2. Noura Mohammed Suliman Al-Yahya 3. Badriya Mohammed Suliman Al-Yahya 4. Ibtisam Mohammed Suliman Al-Yahya 5. Layla Mohammed Suliman Al-Yahya 6. Munira Mohammed Suliman Al-Yahya 7. Fatimah Mohammed Suliman Al-Yahya 8. Rana Mohammed Suliman Al-Yahya 9. Abdulrahman Mohammed Suliman Al-Yahya 10. Hamad Mohammed Suliman Al-Yahya 11. Suliman Mohammed Suliman Al-Yahya
Date of Signing the Contract	2026-05-21 Corresponding to 1447-12-04
Contract Value	The contract value over the full term (twenty years plus a two-year grace period) exceeds 36% of the company's annual revenue According to the audited financial statements for the fiscal year 2025 (excluding VAT).
Contract Details	A land lease to develop a 5,821-square-meter site under which the Company will build and operate two sports clubs as well as commercial and office spaces on Abu Bakr Al-Siddiq Road in Riyadh, Al-Narjis district. The two clubs will be designated for men and women under the "B_FIT" brand owned by Armah.
Contract Duration	A twenty-year term commencing after the 24-month grace period from the handover date.
Financial Impact and the Relevant Period	The financial impact of this contract is expected to commence upon the completion and operation of the project.
Related Parties	None
Additional Information	Armah will appoint a contractor to execute the project in accordance with the specifications and designs prepared and approved by the Company. The project is expected to be completed within two years. Armah will announce any material developments related to the project in due course.