Riyadh — Mubasher: Sport Clubs Company has signed a lease agreement valued at SAR 34.81 million, excluding value-added tax, to establish a new fitness center in Jeddah.
The contract, signed on 22 September 2026, with Modern Arab Real Estate Company, covers a 3,500 square meter plot in the Al Nuzha district.
The agreement spans 20 years beginning 1 January 2028 and ending 31 December 2047. This term is preceded by a 15-month grace period starting from the signing date until 31 December 2027, which is allocated for planning and construction activities.
The new facility will operate under the Body Masters brand as part of the company's regional expansion strategy.
Sport Clubs noted that the financial impact of the project is expected to turn positive once construction is finalized and commercial operations commence.
With this latest addition, the company now has 17 projects under development, including nine projects currently under construction and eight projects awaiting necessary permits to begin building. The company confirmed there are no related parties involved in the transaction.
On 16 September, the Tadawul-listed company signed a land lease agreement valued at SAR 55.69 million.
