The investment, estimated at $67 million, will help multiply over 200 per cent NuYu’s gyms boutiques, from seven to 30 across the kingdom, Trade Arabia reports.
The expansion will reportedly generate hundred new jobs and provide women access to fitness outlets in currently underserved locations.
NuYu currently has five boutiques in capital Riyadh and one in each of Khobar and Dammam.
“We look forward to working in partnership with NuYu, helping it realize its full potential during this exciting period of social change. 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,” said Atif A Abdulmalik, the Chief executive officer of Shari’ah-compliant alternative investments firm.
“It is also aligned with the Kingdom’s Vision 2030 goals of empowering women and for citizens to lead healthy and active lifestyles,” he added.
Princess Sara Al Saud, NuYu’s co-founder and creative director noted that the launch of new gyms boutiques will enable Saudi women to access fitness and reap the benefits of regular exercise.
The kingdom has witnessed a set of reforms under the leadership of Crown Prince Mohamed bin Salman. Women in the Arab country have been since June 24 allowed to sit behind a wheel. The reforms have also remove the ban on women’s participation in public sporting events.