Saudi Arabia’s PIF sets up fitness and well-being company

Image courtesy: AMER HILABI/ Getty Images

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has launched a new company to inspire and advance women’s fitness and wellbeing in the kingdom.

The new company, Kayanee, will focus on women’s health and lifestyle of future generations through six offerings, including fitness, apparel, personal care and treatments, nutrition and diagnostics, healthy eating and learning.

Kayanee will adopt a female-focused approach to all its services, prioritising mental, physical and social health to create a vibrant society in line with Vision 2030. The wellbeing firm, which will be chaired by Princess Reema Bint Bandar, aims to reach more than one million consumers.

#PIF announced the establishment of #Kayanee, a unique lifestyle integrated concept designed to inspire and enhance women’s well-being in Saudi Arabia.

Learn more: https://t.co/fACOyiGySG pic.twitter.com/ptJ1iWBvrO

— Public Investment Fund (@PIF_en) August 7, 2023

The company will act as a catalyst for the rapid growth of health, wellbeing and fitness in Saudi Arabia while supporting the development of the industry through collaboration with the private sector and across the value chain.

“Kayanee will serve to expand Saudi Arabia’s SAR16bn fitness and wellbeing industry,” said Raid Ismail, head of MENA Direct Investments at PIF.

“It is a very exciting time for PIF to venture into women’s fitness, wellness and wellbeing and Kayanee is well positioned to enable the industry through its integrated offering, which will see the company partner with the growing private sector to create a vibrant society.”

PIF said a world-class digital platform will become the main gateway for Kayanee’s customers, providing a seamless connection between in-person and online services, to ensure mass participation.

PIF expand portfolio

Meanwhile, PIF has launched 88 companies while creating more than half a million direct and indirect jobs. The SAR2.23tn sovereign wealth fund has been creating companies across a wide range of industries as it takes on an increasingly assertive role in diversifying the domestic economy away from oil.

Last month, PIF launched the Saudi Tourism Investment Company (Asfar) and Al Madinah Heritage Company to advance the growth of the kingdom’s ​​tourism and date industry, respectively. PIF also set up Sawani Company earlier in July to boost the growth of Saudi Arabia’s camel farming industry and actively contribute to its sustainable development.

Saudi Arabia’s wealth fund owns stakes in tech companies such as ride-hailing firm Uber Technologies, soccer teams including English Premier League’s Newcastle United, electric carmakers Lucid and Ceer and is funding a host of new cities in the desert such as the $500bn futuristic NEOM City and the Red Sea Development Company’s mega tourism project.

PIF, in its 2022 annual report, said it generated a total shareholders’ return of 8 per cent and established 25 companies in 2022, and locally deployed SAR120bn in that year in strategic sectors.

The fund said 23 per cent of its assets under management were international investments, while 68 per cent were local investments and the remainder were treasury.

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