Dubai’s Landmark Group, owner of the Middle East franchise of global health and gym brand Fitness First, said it is to invest US$150m as part of a three-year regional expansion plan.
The company currently has a network of 48 clubs across 38 locations in the region. It has opened 22 new clubs in the last two years and last year it reported a 33 percent increase in memberships and 30 percent growth in year-on-year sales.
As part of the investment plan, its total number of clubs will increase to 70 by the end of 2015 with new outlets opened in the UAE, Saudi Arabia, Kuwait, Qatar and Turkey during 2013.
Dubai conglomerate Landmark Group bought the Middle East franchise of the UK-based brand in 2010 and announced in October 2011 it planned to spend AED500 (US$136m) expanding it across the Middle East. The new finance will be raised through fresh equity and internal accruals over a three-year period, the company said.
“We are really pleased with the performance of Fitness First in the Middle East. We are committed to bridging the gap in fitness services in the region and meeting the lifestyle aspirations of the community,” said Praveen Bhatnagar, CEO, Landmark Hotels and Wellness.
5 key steps to mastering your emotions at work
Emotional intelligence can be more important than IQ in...
How to manage time and energy: The 3 Ls
2b Limitless shares simple and effective tools that you...
Dangers of using sunscreen: How to protect yourself naturally
The best solution to beating the summer sun without depleting...
How to stay fit while travelling this summer
The seven best ways to keep healthy wherever you are
Jumping revolution bounces into Dubai
The trampolining fitness craze from Australia has opened...
ExL: Invest in time to make more time
People feel less empowered when they are time poor so stop...
Are you fit enough to run a business?
We look at what the consequences are of being unfit or overweight...