Riyadh — Mubasher: Sport Clubs Company has signed a land lease agreement on 16 September valued at SAR 55.69 million, excluding value-added tax.
The contract with Khalid bin Ibrahim Al Habdan involves the lease of a 4,125-square-meter plot located in the Al Shuhada district of Riyadh.
The site is designated for the construction, equipment, and operation of a new sports club under the Body Masters brand.
The agreement spans a duration of 20 years, beginning 1 February 2028, and concluding 31 January 2048.
A 16-month rent-free period starting 1 October 2026 has been allocated for design and construction activities.
Sport Clubs stated that the positive financial impact of the project is expected to materialize upon the completion of construction and the commencement of operations.
This expansion brings the company's total projects under development to 16.
Currently, nine projects are under construction, while seven additional projects are awaiting the necessary permits to begin the building process.
The move aligns with the company's strategy to increase its branch network and revenue growth across the Kingdom. No related parties were involved in the transaction.
In the first half (H1) of 2026, the company’s net profit jumped by 77.13% to SAR 18.20 million from SAR 10.27 million in the prior-year period.
