Investment in Saudi gym chain by Bahrain’s Arcapita to create hundreds of jobs

The investment of SAR 250 million by Bahrain-based investment firm Arcapita in the Saudi Arabian boutique women’s gym chain NuYu could generate over 400 new jobs for Saudi women, according to a Zawya report on Thursday.

“We have seen a positive increase in demand for gym facilities with rising health awareness amongst young women. With these factors in mind, we see significant potential for outsized growth,” Zawya quoted Nael Mustafa, managing director and head of MENA investments at Arcapita, as saying.

On Oct. 15, Arcapita had announced its funding in NuYu to capitalize on the Saudi Arabian government decision’s last year to issue licenses to boutique women gyms in the Kingdom.

Mustafa said each new gym could be expected to employ around 20 staff, all of whom will be women, the report added.

Currently, NuYu operates five gyms in Riyadh and one each in Khobar and Dammam. However, it has plans to expand in the western, central and eastern provinces within the Kingdom, followed by neighboring Gulf countries.

The company is planning to open more than 20 new gyms, that will increase the total number of its gyms to more than 30, the report said.