Saudi Arabia's Public Investment Fund (PIF) has set up a new fitness company focused on supporting women’s well-being in the kingdom as part of a push to grow its non-oil economy, leverage the private sector and improve the quality of life.
Princess Reema bint Bandar, who is also Saudi Arabia's ambassador in Washington and the first female diplomatic envoy in the history of the kingdom, will head the board of the new tech-driven company Kayanee, the PIF said in a statement on Monday.
“Kayanee will serve to expand Saudi Arabia’s 16 billion [Saudi[ riyal [$4.3 billion] fitness and well-being industry," said Raid Ismail, head of Mena direct investments at the PIF.
"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."
The move comes a day after the PIF set up an investment company aimed at supporting the growth of the sports sector in the kingdom and across the Middle East and North Africa region. SRJ Sports Investments will invest in acquiring and creating new sports events' intellectual property rights, commercial rights of popular sports competitions and hosting major global sporting events in the country.
One of the world’s largest sovereign wealth funds, the PIF is a key part of the government’s push to diversify from oil and it is investing heavily in sectors from tourism to electric-vehicle and sport in the kingdom.
Saudi Arabia's Crown Prince Mohammed bin Salman is introducing social reforms alongside the economic agenda to help modernise the kingdom, including supporting sport. In June, the Saudi Arabian Football Federation announced a funding drive and a support system for women's football.
Kayanee will focus on women’s health and lifestyle through offerings including fitness, apparel, personal care and treatments, nutrition and diagnostics, healthy eating and learning, the PIF said.
The company – which will prioritise mental, physical and social health – aims to reach more than one million consumers, the sovereign wealth fund said.
"The establishment of Kayanee is part of PIF’s strategy to unlock the capabilities of promising sectors, localise technology, enable the private sector, drive the diversification of the local economy and contribute to enhancing the quality of life," the PIF said.
Since 2017, the PIF has established 84 companies in 13 sectors.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Company%C2%A0profile
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
TOUCH RULES
Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.
Teams can make as many substitutions as they want during the 40 minute matches.
Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.
A touch is any contact between the player with the ball and a defender, and must be with minimum force.
After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.
At the roll-ball, the defenders have to retreat a minimum of five metres.
A touchdown is scored when an attacking player places the ball on or over the score-line.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
SPECS
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Killing of Qassem Suleimani
