Riyadh, Saudi Arabia — Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, Monday announced the establishment of the Kayanee Company, a unique lifestyle integrated concept designed to inspire and enhance women’s well-being in Saudi Arabia.
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.
Chaired by Princess Reema Bint Bandar, Kayanee will adopt a female-focused approach to all its services, prioritizing mental, physical and social health, PIF said in a statement.
In line with the Vision 2030 ambition to create a vibrant society, the company aims to reach over one million consumers, it added.
The establishment of Kayanee is part of PIF’s strategy to drive the diversification of the local economy.
In an effort to ensure mass participation, a digital platform will become the main gateway for Kayanee’s customers, providing seamless connection between in-person and online services.
Raid Ismail, Head of MENA Direct Investments at PIF, “Kayanee will serve to expand Saudi Arabia’s SAR 16 billion fitness and well-being industry. It is a very exciting time for PIF to venture into women’s fitness, wellness and well-being, 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 has set up 25 companies and created 181,000 jobs during the year, latest official data has pointed out.
The 2022 annual report of the PIF highlighted the establishment of a diverse mix of companies, including Saudi Coffee Co. and Halal Products Development Co. The fund’s assets under management also saw substantial growth, increasing by 12.8 percent to $595 billion in 2022 from $528 billion in 2021.