ARCAPITA IN­VESTS IN KSA FIT­NESS CHAIN

NUYU PLANS TO DE­PLOY $67M TO LAUNCH OVER 20 NEW BOU­TIQUE GYMS, CRE­AT­ING HUN­DREDS OF NEW JOBS

CEO Middle East - - NEWS -

A FE­MALE-ONLY CHAIN OF FIT­NESS CLUBS IN SAUDI Ara­bia plans to grow its busi­ness four­fold af­ter Bahrain-based Arcapita in­vested $67m (SAR250m).

Arcapita, which spe­cialises in Sharia-com­pli­ant al­ter­na­tive in­vest­ments, said the ex­tra cap­i­tal will help grow NuYu’s net­work of gyms from seven to over 30 across the king­dom.

It added that the new cen­tres are ex­pected to create hun­dreds of jobs, as well as pro­vide women ac­cess to fit­ness out­lets in cur­rently un­der­served lo­ca­tions, par­tic­u­larly fol­low­ing the land­mark de­ci­sion by the Gen­eral Sports Author­ity to grant li­cences for fe­male bou­tique gyms.

The fe­male fit­ness mar­ket in Saudi Ara­bia is ex­pected to grow at an an­nual rate of 30 per­cent over the medium-term.

“We look for­ward to work­ing in part­ner­ship with NuYu, help­ing it re­alise its full po­ten­tial dur­ing this ex­cit­ing pe­riod of so­cial change,” said Atif A. Ab­dul­ma­lik, Arcapita’s CEO.

“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 for cit­i­zens to lead healthy and ac­tive life­styles. NuYu is an in­dus­try pi­o­neer in Saudi Ara­bia, with a strong core team that has es­tab­lished a suc­cess­ful op­er­at­ing model,” he added

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