GymNation raises $100M to expand Middle East's largest low-cost gym chain
What's the deal? GymNationDealroom has a profile for this one. Try Dealroom →, the Middle East's largest low-cost gym operator, has secured a $100M private credit facility from HPS Investment Partners, part of BlackRock. The deal — $75M committed with a $25M accordion — is one of the largest private credit investments ever made into a GCC-born, founder-led consumer brand.
Founded in the UAE in 2018 by Loren Holland, Frank Afeaki, and Ant Martland, GymNation operates close to 50 locations with over 200,000 members across the UAE, Saudi Arabia, and Bahrain. Its mission: make world-class fitness affordable and accessible.
Why now? The GCC is one of the fastest-growing fitness markets in the world. A young, health-conscious population and government-backed wellness initiatives across the Gulf are fuelling demand for affordable gym access — a segment GymNation has dominated since opening its first location in Dubai's Al Quoz district.
The company also plans to announce its first expansion outside the GCC, into Asia, marking a new phase of international growth.
What could go wrong? The investment comes amid a challenging geopolitical backdrop. HPS noted it is one of the first regional investments of this size since the Iran conflict commenced. Expanding into new international markets also introduces execution risk — replicating a low-cost model across different regulatory and consumer environments is never straightforward.
The signal: GymNation's $100M facility — structured as private credit rather than equity — underscores a maturing funding landscape in the GCC, where founder-led consumer brands can now access institutional capital without diluting ownership. Still classified as "early growth" on Dealroom despite nearly 50 locations and 200,000 members, the company's planned push into Asia suggests the low-cost fitness playbook that worked in the Gulf is about to be tested in far more crowded, price-sensitive markets.
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