The signing of the agreement
Leejam Sports Co. (Fitness Time) signed on Feb. 5 a memorandum of understanding (MoU) with UAE-based healthcare provider, Burjeel Holding Co., to start a partnership in the field of physiotherapy and sports healthcare services in Saudi Arabia.
To this effect, Leejam and Burjeel plan to establish a new company, under Saudi Arabia laws, in 50-50 partnership, the company said in a statement to Tadawul.
The memorandum entered into force on the date of signing, until the incorporation of the new company.
The partnership aims to establish and operate a network of physiotherapy, rehabilitation and sports healthcare clinics within and outside Leejam centers in the Kingdom.
It will also include the provision of physiotherapy and related wellness services, with a special focus on sports medicine and advanced rehabilitation therapies, the company said.
The financial impact will be determined later and any developments will be announced, the statement noted, adding that there are no related parties.
