Insights · Market Research

He Built The Giant.
Then He Came Back
To Fight It.

An independent brand assessment of Leejam and Armah — two gyms, two bets on the Saudi fitness market, and the most compelling competitive story in the Kingdom’s booming wellness sector.

Published
February 2026
Market
Sports
Category
Brand Positioning
211
Leejam clubs across KSA & UAE —
largest fitness chain in MENA
3
Armah clubs in Riyadh —
all at full capacity with waitlists
SAR 7.7B
Saudi fitness market 2024 —
projected SAR 15.5B by 2030
€700M
Fitness Time valuation when
Alhagbani exited in 2018
The Alhagbani Family Legacy — Three Decades, Three Companies
1994
BodyMasters
founded — first family fitness venture
2007
Fitness Time
launched — first club in Tabuk
2018
Fitness Time IPO at €700M.
Alhagbani exits.
2019–22
Armah Sports
B_Fit + Optimo launched
2024
Optimo full capacity.
Armah IPO. Waitlists open.
Act I — The Market

A billion-dollar arena that
nobody fully owns yet.

Saudi Arabia’s fitness market doubled from SAR 3.4 billion in 2017 to SAR 7.7 billion in 2024 and is projected to reach SAR 15.5 billion by 2030. The engine is Vision 2030’s Quality of Life Programme, which targets raising the physically active population from under 15% to 40%. The government is manufacturing demand at national scale.

But the market is running two races simultaneously. The first is a volume race: budget and mid-market gyms chasing the 92% of Saudis who aspire to be healthier but are not yet members. The second is a premium race: boutique and luxury fitness growing at 13.56% CAGR, driven by a rising affluent class that has experienced world-class facilities abroad and expects the same at home. Leejam is winning the first race. Armah is winning the second.

01
Saudi Fitness Market Growth — SAR Billions
2017 to 2030 projected. The market is on track to nearly double again.
Market was SAR 3.4B in 2017. Hit SAR 7.7B in 2024. Vision 2030 target: SAR 15.5B by 2030. Gym penetration sits at 7% — the US sits at 24.9%.
02
Segment Growth Rates — CAGR % (2025–2030)
Premium and personal training outpace budget formats at both ends of the market.
Budget gyms hold 65% of market revenue but grow at ~9.7% CAGR. Premium/boutique gyms grow at 13.56% CAGR — the fastest segment.
Leejam Sports Co.
Fitness Time
Founded 2005 · Publicly Listed · Tadawul: 1830
211clubs across KSA & UAE
500K+active members (end 2024)
SAR 1.5Brevenue 2024 (+13% YoY)
SAR 456Mnet profit 2024 (+28% YoY)
$1.38Bmarket cap (Feb 2026)
+25new clubs opened in 2024 alone
VS
Armah Sports Co.
Optimo
Founded 2022 · Publicly Listed · Riyadh Only
3clubs in Riyadh — all at capacity
100%occupancy — waitlists since July 2024
SAR 225MArmah total revenue 2025 (+27%)
SAR 62MArmah net profit 2025 (+62% YoY)
40,000sq ft per club — luxury hotel format
+5new clubs planned by 2026
Act II — The Scale Machine

Leejam: The infrastructure
of Saudi fitness.

Leejam is not a gym company in the traditional sense. It is a fitness infrastructure company. With 211 clubs, 500,000 active members, and SAR 1.5 billion in annual revenue, it operates at a scale no regional competitor can match. Its six sub-brands cover every demographic, price point, and format Fitness Time, Plus, Pro, Ladies, Xpress, and Junior. It is a system, not just a chain.

The financial trajectory is as important as the scale. Net profit grew 28% year-on-year to SAR 456 million in 2024. The stock is up 44% in one year. Personal training revenue the highest-margin line grew 43% year-on-year. Leejam is not just big. It is getting more profitable faster as it gets bigger a classic scale advantage compounding in real time.

03
Leejam Revenue & Net Profit — SAR Millions
2021–2024. Double-digit growth on both lines every year.
Revenue hit SAR 1.5B in 2024. Net profit at SAR 456M, up 28% YoY.
04
Leejam Active Member Growth
Paid members 2020–2024. Female segment fastest growing.
From under 200K in 2020 to 500K+ by end 2024. Female segment growing at 21% YoY.
05
Leejam Club Expansion
Total clubs 2018–2024. Opening 15–25 new clubs every year.
From 135 clubs at IPO in 2018 to 211 by end 2024.

"Leejam does not need to win a brand battle. It already owns the battlefield — the infrastructure, the footprint, the members. The question is whether the market moves toward it, or past it."

Public Pixel

Act III — The Disruptor

Armah: The bet that the
market is ready to grow up.

Fahad Alhagbani knows more about the Saudi fitness consumer than almost anyone alive. He co-founded BodyMasters in 1994, built Fitness Time from a single club in Tabuk to 150 clubs across the region, took it public at €700 million in 2018 and then walked away to build its opposite.

Armah is not a reaction to Leejam’s weaknesses. It is a prediction about where the Saudi fitness consumer is going next. Designed by London architecture firm Shed, each 40,000 sq ft club is built to five-star private members club standard indoor track, 25m pool, Technogym equipment, spa, co-working space. It was oversubscribed before it opened. All three clubs hit full capacity by July 2024, with waitlists of hundreds. The founder predicted the demand before the demand announced itself.

06
Armah Sports Revenue Growth — SAR Millions
2022–2025. Rapid acceleration from a standing start.
Armah crossed breakeven in 2023. Revenue hit SAR 225M in 2025. Profit grew 62% in 2025.
07
Premium vs Budget Gym CAGR — 2025 to 2030
Every tailwind in the segment data points toward Optimo's model.
Premium/boutique gyms growing at 13.56% CAGR vs 9.7% for budget. Personal training at 13.12% CAGR.
Leejam — Brand Strength Scorecard
Scale & Reach
9.6
Financial Power
9.2
Vision 2030 Fit
9.0
Brand Aspiration
5.8
Experience Quality
6.4
Innovation Signal
6.2
Premium Positioning
5.0
Armah — Brand Strength Scorecard
Scale & Reach
2.5
Financial Power
4.2
Vision 2030 Fit
8.2
Brand Aspiration
9.5
Experience Quality
9.7
Innovation Signal
9.2
Premium Positioning
9.8
Act IV — The Competitive Dynamic

Why they are not actually
fighting each other.

Leejam and Armah are not competing for the same member. A Leejam Fitness Time member pays SAR 100–200 per month for reliable access to a clean, well-equipped gym near their home. An Armah member is on a waitlist for an exclusive private members club experience that does not exist anywhere else in Riyadh. These consumers do not cross over.

The real competition for Leejam is GymNation, PureGym, and budget international chains entering Saudi Arabia with aggressive pricing. The real competition for Armah is international luxury brands Equinox, David Lloyd Clubs if and when they enter at scale. The fight is not between yellow and purple. Each is fighting its own war on a different front.

08
Competitive Positioning Map — Saudi Fitness 2026
Price vs brand experience. Each major player plotted against the field.
Leejam sits in high-scale / mid-experience territory. Armah owns the high-experience / high-price corner — uncontested in Saudi Arabia today.
09
Gym Penetration Rate — KSA vs Global Benchmarks (%)
7% today. 40% is the Vision 2030 target. The runway both brands are racing on.
At 7% penetration in 2024, Saudi Arabia sits roughly where the US was in the 1980s. The path to 40% by 2030 means millions of new gym-goers entering — most through Leejam's doors first.

"Leejam wins the next five years on every number an investor tracks. But Armah wins the conversation — and in a market growing this fast, owning the aspiration is how you win the decade."

Public Pixel

The Verdict

The split decision
no one expected.

Winner — 2026 to 2030
Leejam wins
the numbers.

SAR 1.5B revenue. 500K members. 211 clubs. A profitable, listed, government-aligned company in the exact market the Saudi government is building with public money. Every Vision 2030 initiative creates more Leejam customers.


The risk: GymNation, PureGym, and international budget chains entering aggressively. Leejam's moat is scale and local brand trust — but these can be eroded by a well-capitalised competitor willing to undercut on price in key cities.

Winner — The Brand Battle
Armah wins
the aspiration.

Three clubs. Full capacity. Waitlists. 62% profit growth. Designed by London architects. Founded by the man who already built the biggest chain in MENA — who knew exactly what was missing from his own creation.


The risk: execution at scale. Armah's entire value is built on an experience that cannot be diluted. Opening too fast or compromising quality to hit a growth target would destroy the brand premium it spent years building.

10
Leejam vs Armah — Full Brand Comparison Across 7 Dimensions
Each brand dominates a completely different half of the competitive map.
Leejam leads on: Scale, Financial muscle, Accessibility, Vision 2030 alignment.  |  Armah leads on: Brand aspiration, Member experience, Premium positioning, Innovation signal.
The Takeaway

This is what brand assessment
looks like when it reads the room.

Public Pixel has no commercial relationship with Leejam Sports, Armah Sports, or any affiliated entity. This is an independent analysis built on public data the same kind of structured market reading we produce for brands navigating Saudi Arabia and the Gulf.

We published this because the Leejam vs Armah dynamic is the most instructive brand story in Saudi Arabia right now. It shows what happens when a market matures fast enough to support two completely different winning strategies simultaneously and what it takes to be on the right side of each one.

If you want this level of analysis applied to your brand your market, your competitors, your positioning gaps that is the work Public Pixel does.

The 3 questions every brand should ask before entering KSA fitness
01
Who owns the segment you are entering — and why?
Leejam owns scale. Armah owns premium. Both positions are earned, not assumed. Any new entrant must answer precisely which white space they occupy — budget, mid-market, boutique, or hyper-premium — before spending a single riyal on brand.
02
Are you riding the penetration wave or the aspiration wave?
The market is growing from two directions at once. The bottom-up wave is mass participation — 92% of Saudis want to be healthier. The top-down wave is luxury aspiration. These require completely different brands, models, and communication strategies.
03
What does Vision 2030 make possible that was impossible five years ago?
Female fitness participation was near zero in 2017 — it is now growing at 13.25% CAGR. The regulatory environment, Quality of Life targets, and public investment are all pushing in the same direction. Understanding this calendar is competitive advantage.

Position your brand in the Saudi fitness market.

Public Pixel delivers the same depth of analysis for your brand — competitive positioning, segment strategy, market entry timing, and brand differentiation for the Saudi and Gulf market.

Start a Consultation  →
Research Transparency

Data & Sources

Every figure, ranking, and observation in this analysis is traceable to a publicly available source.

Independent Analysis · No Affiliation
01 · Leejam Financial Data
SAR 1.5B Revenue, SAR 456M Net Profit 2024
Mubasher · Leejam Financial Results · Feb 2025
500,000+ Active Members, 211 Clubs (End 2024)
Beyond Activ · Leejam Company Profile · Dec 2024
$1.38B Market Cap, $427M Trailing Revenue
PitchBook · Leejam Sports Profile · Feb 2026
Female Members +21% YoY, 116K Active (Q3 2024)
Al-Jazira Capital Research Note · Oct 2024
02 · Optimo / Armah Data
Optimo Full Capacity, Waitlists Since July 2024
Argaam · Armah Sports CEO Interview · 2025
SAR 225M Revenue, SAR 62M Net Profit 2025 (+62%)
Arab News · Armah Sports Annual Results · 2026
Optimo Design — 40,000 sq ft, Studio Shed London
HCM Magazine · Optimo Launch Coverage · Nov 2022
Alhagbani Exit at €700M, Armah Founded Jan 2019
Leisure Opportunities · HCM · Sports Management · 2022
03 · Market Data
SAR 7.7B Market 2024 → SAR 15.5B Target 2030
Arab News · FIBO Arabia Industry Data · Feb 2026
Premium Gyms CAGR 13.56%, Budget 9.7% (2025–30)
Mordor Intelligence · KSA Fitness Market Report · 2025
7% Gym Penetration 2024 vs 40% Vision 2030 Target
Oliver Wyman via Arab News · Industry Report · 2026
92% of Saudis: Becoming Healthier a Major Aspiration
GymNation UAE & KSA Health & Fitness Report · 2025
Analytical Frameworks

Brand scorecards, radar comparisons, positioning scatter maps, and segment CAGR analyses are frameworks developed by Public Pixel based on the sourced data above. Scores represent informed analytical judgment, not externally validated metrics.

Independence Disclaimer

This is an independent analysis published by Public Pixel for research and capability demonstration. Public Pixel has no commercial relationship with Leejam Sports, Armah Sports, Optimo, or any affiliated entities.

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