GymNation has secured a $100m private credit facility from funds managed by HPS Investment Partners, which is part of BlackRock, as the company accelerates its regional expansion across the Gulf.

The financing, structured as a $75m committed facility with a $25m accordion option, is among the larger private credit investments into a GCC-born, founder-led consumer brand in recent years.

Founded in the UAE in 2018 by Loren Holland, Frank Afeaki and Ant Martland, GymNation has positioned itself as a low-cost gym operator targeting mass-market fitness access.

Gymnation has expanded to close to 50 locations across UAE, Saudi Arabia and Bahrain

From its first location in Al Quoz, Dubai, the company has expanded to close to 50 locations across the UAE, Saudi Arabia and Bahrain, serving more than 200,000 members.

Chief executive and co-founder Loren Holland said the funding marks a turning point for the business and will support both regional and international growth plans, despite ongoing geopolitical uncertainty in parts of the wider region. He said investor confidence reflected long-term demand fundamentals for the GCC fitness sector.

Read: GymNation’s Loren Holland on its innovative business model, growth

GymNation said the capital will be deployed across three priorities: expansion across the GCC, with plans to scale beyond 100 locations over the next three years; further development of its technology stack, including data, AI and machine learning systems used in operations and pricing; and initial expansion into markets outside the GCC, with Asia identified as a first target region.

The company has also granted participation in its long-term incentive equity plan to more than 50 senior employees as part of its growth strategy.

Existing regional investor Ruya Partners exits its financing position as part of the refinancing, following earlier support during GymNation’s management buyout and Saudi Arabia expansion phase in 2023.

Tatsu Partners acted as lead debt adviser on the transaction, with DLA Piper serving as legal adviser. PwC provided financial due diligence and tax advisory services.

The latest funding round adds to a broader capital restructuring journey that has helped the company transition from a UAE startup into a scaled regional fitness platform, attracting institutional debt financing.

Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, has directed the adoption of a national healthcare system that guarantees comprehensive medical care and health services for all Emirati citizens.

The directive will establish a fully integrated national health insurance scheme covering all emirates across the country, marking efforts by the UAE to strengthen healthcare access and social welfare.

The move is expected to unify healthcare coverage nationwide and ensure that Emirati citizens have access to quality medical services regardless of where they live in the UAE.

“The announcement reflects the leadership’s commitment to ensuring universal access to high-quality healthcare for all citizens and to building an advanced health sector grounded in preventive care, digital transformation, public health, innovation, and the long-term sustainability of health services,” read a statement on Emirates News Agency (WAM).

“The new system aims to develop a fully integrated healthcare model that enhances the efficiency and sustainability of health services, ensures the optimal utilisation of healthcare resources, and elevates sector readiness in line with international best practices and the highest global standards, affirming that human health is a fundamental national priority and a central pillar of the UAE’s comprehensive development journey,” the statement added.

A welcome move

Healthcare operators described the initiative as a transformative step for the UAE’s medical sector. Dr Azad Moopen, founder chairman, Aster DM Healthcare, said, “A fully integrated national health insurance scheme covering the whole of the UAE will be a game-changer for the country’s healthcare system, elevating its status further as one of the best in the world. At Aster DM Healthcare, we wholeheartedly welcome this strategic initiative by the visionary leadership of the UAE, which reinforces the nation’s commitment to ensuring equitable access to high-quality healthcare for every citizen and resident.

“This progressive step will not only enhance accessibility and continuity of care but also encourage more people to seek world-class treatment within the country. We commend the UAE leadership for its continued focus on building a more integrated, efficient and patient-centric healthcare ecosystem — one that places the health and wellbeing of communities at the core of the nation’s sustainable development journey.”

Authorities said the system would guarantee comprehensive medical care and health services for all citizens through a nationwide framework designed to support long-term wellbeing and healthcare sustainability. Further details regarding the rollout, implementation timeline, and operational structure of the scheme are expected to be announced in due course.

The initiative comes as the UAE continues to invest heavily in healthcare infrastructure, digital health services, and preventative care as part of its broader national development goals.

Oman Investment Authority, the Sultanate of Oman’s sovereign wealth fund, has reported its strongest annual performance, posting profits of about $7.8bn and a 14.6 per cent return on investment for 2025.

The fund said its assets reached around $60bn by the end of 2025, while cumulative portfolio value growth since 2020 stood at approximately 73 per cent.

According to data from SWF Global, OIA ranked third globally among sovereign wealth funds for overall return on investment and first worldwide for public market returns in 2025.

The results come as Gulf sovereign wealth funds continue to expand their global influence across sectors, including infrastructure, technology, energy transition, logistics and private equity.

OIA said it exceeded its approved annual performance indicators by 105 per cent, supported by gains in public markets, asset management measures and restructuring initiatives involving state-owned enterprises.

The authority also said it attracted around $4.1bn in foreign direct investment during the year, as Oman seeks to diversify its economy beyond hydrocarbons and strengthen its role in global capital flows.

Since taking ownership of several state-owned companies in 2020, OIA said it has implemented restructuring measures aimed at improving operational and financial performance, increasing profitability and enhancing efficiency across its portfolio.

The sovereign fund added that it settled approximately $2.4bn in debt across subsidiaries and completed 24 divestments under a programme launched in 2022 to recycle capital and maximise returns.

The divestments generated more than $7.3bn for reinvestment by the end of 2025.

Expanding portfolio

OIA said its portfolio spans more than 52 countries, with nearly two-thirds of investments held domestically in Oman. International allocations include 19 per cent in North America, 9 per cent in Europe, 4 per cent in Asia-Pacific and 7 per cent in other global markets.

The authority said international institutions, including the World Bank, had recognised Oman’s progress in strengthening governance and oversight of state-owned enterprises.

OIA said the 2025 performance reflected a broader strategy to use sovereign capital to generate returns, attract foreign investment, restructure state assets and expand Oman’s international investment platform.

Oil prices fell 2 per cent on Tuesday in early Asian trade after US President Donald Trump said he had paused a planned attack on Iran to allow for negotiations to end the war in the Middle East.

Brent futures for July delivery fell $2.26, or 2 per cent, to $109.84 a barrel, while US West Texas Intermediate crude CLc1 for June delivery fell $1.22, or 1.1 per cent, to $107.44.

In the previous session, the benchmarks hit their highest levels since May 5 and April 30, respectively.

The June WTI contract expires on Tuesday, while the most active July contract CLc2 fell $1.63 or 1.6 per cent to $102.75 per barrel.

Trump said on Monday there was a “very good chance” the US could reach an agreement with Iran to prevent Tehran from obtaining a nuclear weapon, hours after announcing the pause in military action to allow talks.

“While Trump‘s signal has eased some immediate pressure, the fundamental risks persist … The market is now watching whether Trump‘s comments represent a genuine shift toward de-escalation or just a tactical pause,” said Tim Waterer, chief market analyst at KCM Trade.

“Also, how Iran responds to the latest developments, and what’s actually happening on the water with tanker movements through the Strait of Hormuz are key determinants of where oil prices head to from here.”

The Middle East conflict has effectively closed the Strait of Hormuz, a critical waterway that carries about a fifth of the global supplies of oil and liquefied natural gas, raising concerns over supply disruptions.

Iranian Foreign Ministry spokesperson Esmaeil Baghaei confirmed on Monday that Tehran’s position had been conveyed to the US via Pakistan but provided no further details.

“One might think the oil market would become increasingly numb to these headlines,” ING analysts said in a client note. “However, the scale of supply disruptions is significant and growing more concerning each day that oil flows remain halted.”

Meanwhile, Iran’s semi-official Tasnim news agency reported that Washington had agreed to waive sanctions on Tehran’s oil exports during negotiations, but a US official denied the claim.

Separately, US Treasury Secretary Scott Bessent extended a sanctions waiver by 30 days to allow “energy-vulnerable” countries to continue purchasing Russian seaborne oil.

In the US, a record 9.9 million barrels were drawn from the Strategic Petroleum Reserve last week, Energy Department data showed, bringing stockpiles down to about 374 million barrels, the lowest point since July 2024.

Four analysts polled by Reuters estimated, on average, that US crude inventories fell by about 3.4 million barrels in the week that ended on May 15. Official data from the Energy Information Administration is scheduled to be released on May 20.

Dubai Insurance has been appointed as the first official insurance provider for the newly introduced autonomous taxi fleet operated by Dubai Taxi Company, marking what the company described as the region’s first dedicated insurance framework for a fully driverless commercial taxi fleet, state news agency WAM reported.

Dubai’s Roads and Transport Authority (RTA) recently commenced commercial operations of the autonomous taxi service in Umm Suqeim and Jumeirah, in partnership with Apollo Go and WeRide, a global leader in autonomous driving technologies.

WeRide vehicles are made available to the public through the Uber app, while Tawasul Transport is responsible for fleet management and operations.

Apollo Go, a subsidiary of Baidu, provides autonomous mobility services via the Apollo Go app in collaboration with the Dubai Taxi Company to support local operations.

Dubai has been expanding the use of advanced technologies and artificial intelligence across public services as part of its long-term transportation strategy, with autonomous mobility positioned as a key pillar of future urban development.

First provider to insure autonomous taxi fleets in Dubai

Abdellatif Abuqurah, chief executive officer of Dubai Insurance, said the move reflected the evolving nature of mobility and the growing need for the insurance sector to adapt alongside technological change.

“We are proud to be part of a regional first, insuring autonomous taxi fleets in Dubai and supporting one of the most forward-thinking mobility initiatives in the world,” Abuqurah said in a statement.

The companies did not disclose financial details of the arrangement or the size of the insured fleet.

Read: WeRide, Lenovo target 200,000 autonomous vehicle rollout in global push for Robotaxi scale