RIYADH - Arcapita will invest 250 million Saudi riyals ($67 million) to help a chain of women-only boutique gyms to expand in the Kingdom, the Shariah-compliant investor said in a statement on Monday.
Bahrain-based Arcapita said the investment would help NuYu grow to over 30 gyms across Saudi Arabia from seven currently and provide women access to fitness facilities in currently underserved locations.
Under an economic and social reform program led by Crown Prince Mohammed bin Salman known as Vision 2030, Saudi women this year were allowed to drive and engage in public sports events.
From a base of over 50 facilities across the Kingdom, the demand for female fitness centres in Saudi Arabia is expected to grow at an annual rate of 30 percent over the medium term.
In January Arcapita was appointed as an adviser to HSBC Saudi Arabia for a $150 million investment fund that targets logistics and warehouse assets in Saudi Arabia and the United Arab Emirates.
(Reporting by Marwa Rashad; editing by Jason Neely) ((email@example.com; +966114632603 ; Reuters Messaging: firstname.lastname@example.org))