GymNation Gets $100M in Private Credit for Middle East Expansion, Asia Debut

The UAE-based fitness operator is targeting 100-plus GCC locations and is making its first move outside the Middle East

GymNation has secured a $100 million private credit facility from HPS Investment Partners, the credit arm BlackRock acquired last year, and is soon headed to Asia with a heavier build-out across the Gulf.

The budget-friendly Middle East gym giant, founded in the UAE in 2018, has made a name for itself with its splashy activations, including workouts held within a hot air balloon and a nap time class for World Sleep Day.

GymNation confirmed it is targeting more than 100 locations across the GCC region within three years, with further investment in its tech platform and in evaluating new international markets, building on its nearly 50 locations and more than 200,000 members across the UAE, Saudi Arabia and Bahrain.

The facility is structured as $75 million committed with a $25 million accordion, and it marks a full exit for Ruya Partners, which supported GymNation’s 2023 management buyout and Saudi Arabia expansion.

“What was most encouraging throughout the process was the conviction shown by HPS and all stakeholders involved, who, despite the challenging geopolitical environment, never lost confidence in the business or the long-term prospects for the region,” GymNation co-founder Loren Holland said. “The GCC has created a world-class entrepreneurial environment which, as a UAE homegrown startup, we are proud to represent.”

The operator said it will soon be announcing its expansion into Asia, although it didn’t offer any further details beyond that.

The HPS facility caps a busy stretch for GymNation. Earlier this month, the chain launched Hyrox League competitions across Saudi Arabia and Bahrain, announced the UAE’s first Hyrox Performance Center in Dubai and added female-coached Hyrox sessions to its women-only programming.

The Middle East has certainly become a hot market for fitness, fueled by Vision 2030’s push to raise weekly physical activity rates. In particular, the UAE and Saudi Arabia rank among the world’s top five fastest-growing wellness economies, per the Global Wellness Institute.

UFC Gym is on board, as is Anytime Fitness, which announced it would open its first Saudi Arabia club this year via a master franchise agreement with Riyadh-based ABFit, with at least 60 more clubs are expected to follow over the next six years.

Meanwhile, combat fitness and recovery club Circle lands in Khobar this year, with expansion across the Gulf and U.K. in the pipeline.