Armah Sports Secures USD 47.9M Loan for Gym Expansion Plans

Fahad Alhagbani, Armah Sports Co-Founder & CEO

Saudi fitness chain Armah Sports has secured a SAR 180 million ($47.9 million) Shariah-compliant loan from Bank AlJazira to drive expansion plans.

The seven-year Murabaha financing, which includes a two-year grace period, will support the firm’s capital expenditures as it prepares to open new fitness centers in major cities across Saudi Arabia.

Additionally, the bank has agreed to lower financing rates on Armah Sports’ existing loan by around 22%, citing the company’s steady revenue growth and enhanced financial stability.

Source: Cleofe Maceda / Zawya