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Bahrain-based investment firm Arcapita has invested an undisclosed sum in NuYu, a chain of women-only boutique gyms in Saudi Arabia.
The funding will help NuYu deploy more than SAR250m ($67m) to grow its network from seven gyms to over 30 across the kingdom, the company said.
NuYu’s existing gyms are located in Riyadh (five), Khobar and Dammam (one each).
The new centres are expected to create “hundreds of jobs” and provide women with access to fitness outlets in currently underserved locations.
Princess Sara Al Saud, NuYu’s co-founder and creative director, said: “With support from Arcapita, we are excited to be able to accelerate our expansion plans and grow our 6,000strong membership base.
The move comes after a recent decision by Saudi’s General Sports Authority to grant licenses for female boutique gyms.
From a base of over 50 facilities nationwide, the female fitness market in Saudi Arabia is expected to grow at an annual rate of 30 per cent over the medium-term, according to Arcapita.
Martin Tan, Arcapita’s chief investment officer said: “The female fitness segment in Saudi Arabia is virtually untapped with a penetration rate of less than 1 per cent, while having one of the highest revenues per member globally.
“There is significant potential for outsized growth within this highly underserved segment.”