Bahrain’s Arcapita to invest $67 mln in Saudi Arabia's women-only gyms

Bahrain-based private equity firm Arcapita plans to invest 250 million Saudi riyals ($67 million) to help a chain of women-only boutique gyms to expand in the Kingdom.

Arcapita said the investment would help Saudi Arabian fitness center 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 Neom 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.