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Saudi-listed fitness centre company Leejam Sports Company (Fitness Time) has established a new company to build and operate Padel courts in Saudi Arabia.
Padel X Sports Company LLC was established in partnership with Swedish-based World Wide Padel, with capital of 50,000 riyals ($13,333). Leejam owns 51% of the new company while World Wide Padel owns 49% through its Saudi subsidiary Padelbolaget Sports Company, Leejam said in a Tadawul statement on Monday.
Padel, played with rackets, combines elements of tennis and squash, played in a doubles formation on a smaller court with lower nets than tennis.
The sport was invented in Mexico in the late 1960s but has recently gained traction and investment interest with estimates of 18 million players globally, and a growing following in the GCC, particularly the UAE.
(Writing by Imogen Lillywhite; editing by Brinda Darasha)
