ALBAWABA – Saudi Arabia’s Public Investment Fund (PIF) has unveiled a groundbreaking initiative aimed at promoting women’s well-being within the kingdom, signaling a pivotal step in its drive to enhance the non-oil economy and elevate the overall quality of life.
Under the leadership of Princess Reema bint Bandar, an accomplished diplomat and trailblazer for women’s advancement, the newly established tech-driven venture named Kayanee is set to revolutionize the nation’s fitness and wellness industry.
With a visionary approach, Kayanee is poised to expand Saudi Arabia’s thriving 16 billion Saudi riyal ($4.3 billion) fitness and well-being sector, fueling its growth through strategic partnerships with the dynamic private sector. Raid Ismail, the Head of Mena Direct Investments at PIF, noted, “Kayanee will usher in an exhilarating era for PIF as it embarks on a transformative journey in women’s fitness, wellness, and overall well-being. The company’s integrated offerings will fortify industry expansion while fostering collaboration with the burgeoning private enterprise.”
The launch of Kayanee follows closely on the heels of PIF’s creation of SRJ Sports Investments, an investment firm dedicated to nurturing the sports sector’s development throughout Saudi Arabia and the broader Middle East and North Africa region. By procuring and developing intellectual property rights, commercial rights of popular sports competitions, and hosting major global sporting events, SRJ Sports Investments seeks to amplify the region’s sports landscape.
As one of the world’s foremost sovereign wealth funds, PIF remains an instrumental facet of the government’s multifaceted approach to diversify beyond oil dependency. The fund has demonstrated its commitment to various sectors, spanning from tourism and electric vehicles to sports, underlining Saudi Arabia’s broader strategic vision. Guided by Crown Prince Mohammed bin Salman, the country is orchestrating comprehensive societal reforms alongside its economic endeavors, a testament to its steadfast commitment to modernization. Notably, initiatives like the Saudi Arabian Football Federation’s funding drive and support system for women’s football exemplify the country’s dedication to inclusivity and empowerment.
Kayanee’s central focus revolves around women’s health and lifestyle, encompassing a comprehensive range of offerings including fitness programs, apparel, personal care and treatments, nutritional guidance, and holistic wellness education. Encompassing mental, physical, and social dimensions, the company endeavors to positively impact the lives of over a million consumers, embodying PIF’s strategic intent to galvanize promising sectors, promote technological innovation, stimulate private sector engagement, expedite economic diversification, and enhance overall quality of life.
In an assertion of its overarching mission, PIF stated, “The establishment of Kayanee is emblematic of PIF’s commitment to unlocking the potential of burgeoning sectors, fostering technological localization, facilitating private sector collaboration, driving local economic diversification, and contributing to an enhanced quality of life for all.” With a track record of establishing 84 companies across 13 sectors since 2017, PIF is resolutely propelling Saudi Arabia towards a future defined by prosperity, innovation, and comprehensive well-being.
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