Saudi-listed fitness chain Leejam Sports Company, which has a network of more than 140 centres in its portfolio, is expanding its presence in the UAE with the opening of two outlets in Sharjah.
One of the new branches, which will carry the “Fitness Time” brand, will be exclusive to ladies, while the other will be dedicated to men. Both are located in Al Hazannah district and have a combined area of more than 5,200 square metres, the company told the Saudi Stock Exchange (Tadawul) on Monday.
The financial impact of the two branch openings, which will expand Leejam’s network to 142 centres, will be reported in the fourth-quarter results of the company.
The fitness sector was impacted by the pandemic last year, with consumers resorting to at-home workouts amid COVID-19 restrictions.
In the last quarter of 2020, 11 fitness-related M&A deals were recorded, down 35 percent compared to the same period in 2019, according to US financial firm Jefferies.
However, with precautionary measures easing and infection rates dropping, more consumers are heading back to the gym. According to data published by Jefferies, fitness centre traffic in the US between February 2021 and May 2021 were higher than the levels seen in April 2020.
(Writing by Cleofe Maceda; editing by Seban Scaria )
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© ZAWYA 2021