Naif Alrajhi, NOREBA sign partnership agreement

The contract was signed by Sulaiman bin Saleh bin Sulaiman Alrajhi, NOREBA’s managing director in Morocco, and Naif bin Saleh Alabdulaziz Alrajhi, CEO of Naif Alrajhi Investment.
Updated 11 September 2018
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Naif Alrajhi, NOREBA sign partnership agreement

Real estate development company NOREBA, Morocco and Naif Alrajhi Investment have signed a partnership agreement that aims to develop projects worth over a billion Moroccan dirhams ($106.1 million).

The contract was signed by Sulaiman bin Saleh bin Sulaiman Alrajhi, NOREBA’s managing director in Morocco, and Naif bin Saleh Alabdulaziz Alrajhi, CEO of Naif Alrajhi Investment. 

Sulaiman Alrajhi said that the strategic partnership aims at developing and enriching the company’s business, and that it is the result of extended studies and experience within the real estate market in Morocco. “The agreement aims to develop more premium residential and commercial projects to be sold in the future, turning NOREBA into one of the most influential real estate companies in Morocco and North Africa,” he added.

Naif Alrajhi said: “Our partnership with the leading real estate development company in Morocco, NOREBA, has a great added value for our company and will be a gateway for us to enter the Moroccan markets that will be a starting point for more investments in North Africa, as it all falls within the framework of our strategic plan to diversify our investment range and to strengthen our presence in several markets and fields.”

Both parties have stated that the partnership will strengthen Saudi-Moroccan relations through business initiatives that serve the best interest of both the countries.


Arcapita invests in KSA-based women’s fitness chain

NuYu is a chain of women-only boutique gyms in Saudi Arabia
Updated 17 October 2018
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Arcapita invests in KSA-based women’s fitness chain

Arcapita — a Shariah-compliant alternative investments firm — has invested in NuYu, a chain of women-only boutique gyms in Saudi Arabia.

Arcapita’s capital will help NuYu deploy over SR250 million ($67 million) to grow its network of boutique gyms from seven to over 30 across the Kingdom. The new centers are expected to create hundreds of jobs, as well as provide women access to fitness outlets in currently underserved locations. 

The investment will enable the company — with five boutique gyms in Riyadh and one each in both Alkhobar and Dammam — to capitalize on the significant market opportunity arising from a landmark decision by the General Sports Authority to grant licenses for women’s boutique gyms. This follows recent legislation allowing Saudi women to drive, and to engage in public sporting events. From a base of over 50 facilities nationwide, the women’s fitness market in Saudi Arabia is expected to grow at an annual rate of 30 percent over the medium term. 

Atif A. Abdulmalik, Arcapita’s chief executive, said: “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. It is also aligned with the Kingdom’s Vision 2030 goals of empowering women and for citizens to lead healthy and active lifestyles.”

Princess Sara Al-Saud, NuYu’s co-founder and creative director, said: “We are delighted to partner with Arcapita to guide NuYu’s next chapter of growth. We have been at the forefront of the fitness industry since our establishment with a boutique offering that focuses on high-energy group classes in a welcoming environment. With support from Arcapita, we are excited to be able to accelerate our expansion plans and grow our 6,000-strong membership base. Launching new boutique gyms across the country will make it easier for Saudi women to access fitness and reap the benefits of regular exercise.”

Martin Tan, Arcapita’s chief investment officer, said: “The female fitness segment in Saudi Arabia is virtually untapped with a penetration rate of less than one percent, while having one of the highest revenues per member globally. Given Saudi Arabia’s young and growing population, combined with rising health awareness in the Kingdom, there is significant potential for outsized growth within this highly underserved segment.”