Banan subsidiary to develop Riyadh sports complex
Banan Real Estate Company announced its signing of an agreement with Armah Sports Company to develop and lease a comprehensive sports club in Al-Qirawan District, Riyadh, with a total value of 110.4 million riyals. The project involves developing the land owned by Banan and transforming it into a ready-to-operate facility within 24 months. The agreement includes a 20-year lease contract, with an annual rent of 5.52 million riyals, starting from the date of final project delivery, aimed at generating rental income once the project is completed and operational. This project reflects the company's strategy to diversify its income streams through the development of sports-related real estate assets.
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