Bahrain-based investment firm, Arcapita, will invest SAR 250 million in a women-only boutique gym chain in Saudi Arabia, NuYu.
The investment will assist NuYu in growing its network of boutique gyms from seven to over 30 across the Kingdom, said Arcapita in a statement.
The new centres are expected to create hundreds of jobs as well as provide women with access to fitness outlets in currently underserved locations.
“The investment in NuYu is underpinned by robust fundamentals and demonstrates our confidence in the long-term growth prospects of Saudi Arabia’s sport and leisure industry. It is also aligned with the Kingdom’s Vision 2030 goals of empowering women and citizens to lead healthy and active lifestyles,” Atif A. Abdulmalik, Arcapita’s CEO, said.
The investment will also enable NuYu – currently with five boutique gyms in Riyadh and one each in both Khobar and Dammam – to capitalize on the significant market opportunity arising from a decision by the General Sports Authority to grant licenses for female boutique gyms.
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