Riyadh, Saudi Arabia — Banan Real Estate, through its subsidiary Qimam Noshoz Real Estate Development Co., has signed a SAR 244.1 million agreement with Armah Sports. The project involves developing two premium fitness clubs in Riyadh’s Al-Rahmaniya district, located along Takhassusi Road.
The agreement excludes VAT. However, it includes provisions for a potential increase of up to 24%, based on the clubs’ financial performance.
Banan Real Estate Fitness Club Deal Supports Riyadh’s Wellness Sector
The two clubs will operate under the Optimo brand, which Armah Sports owns. Optimo is known for providing private, high-end fitness experiences. This project is part of an ongoing collaboration between Banan Real Estate and Armah Sports. Together, they aim to deliver integrated, luxury fitness facilities across the Kingdom.
Under the agreement, Qimam Noshoz will develop its land in Al-Rahmaniya. The project includes constructing two fully equipped fitness clubs—one for men and one for women. Movable furniture and sports equipment will be excluded and handled separately.
After completion, Armah Sports will lease both clubs under a long-term, 20-year contract. Depending on the clubs’ revenues and operational performance, the SAR 244.1 million value may rise by up to 24%.
Banan Real Estate Expands Investment Portfolio Through Fitness Sector
According to Banan Real Estate, this project aligns with its goal to expand revenue streams. It also enhances the company’s investment portfolio through Qimam Noshoz Real Estate Development.
The company expects to generate direct income from development activities. Additionally, the clubs are expected to boost financial returns once operational. Banan stated it will announce updates regarding project milestones or new developments when available.
This initiative also supports Riyadh’s real estate growth and wellness sector expansion. Moreover, it strengthens the city’s position as a hub for premium lifestyle offerings in line with Saudi Vision 2030.
The Saudi Standard’s View: Real Estate Meets Riyadh’s Wellness Demand
The Banan Real Estate fitness club deal reflects how real estate development in Saudi Arabia increasingly integrates lifestyle and wellness. Through this project, Banan combines property development expertise with luxury fitness offerings. In doing so, the company meets growing demand for high-quality health and wellness infrastructure.
This initiative supports Riyadh’s ongoing urban development. The Al-Rahmaniya district continues to emerge as a prime location for luxury living and recreational spaces. As Saudi Arabia advances its economic diversification, partnerships between real estate firms and sports operators show the integration of wellness within national development plans.
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