The Space partners with Vibes for coworking space network in Saudi Arabia
The merger will combine 20 co-working spaces in eight cities across the country, bringing together partners, clients, entrepreneurs, startups, and government and private entities.
Riyadh-based co-working has merged with Vibes to form a network of coworking spaces in Saudi Arabia. The announcement was made during LEAP 23 tech conference.
The merger would connect 20 coworking spaces in eight cities across the country to serve the sector and entrepreneurs, as per an official press note carried out by Wamda.
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As a result of this merger, an entrepreneurial network will be created comprising over 2,000 partners and clients. This includes entrepreneurs, startups, and government and private entities, along with the incubation of more than 150 companies from 40 different countries.
The Space was founded in 2014 and is a co-working space, accelerator, and incubator. Based in Jeddah, Vibes was founded in 2018 by Abdulrahman Alsudairy and Sultan Ghaznawi to help entrepreneurs with coworking spaces based in the city.
As per Mordor Intelligence, Saudi Arabia's co-working spaces market would grow at a compound annual growth rate (CAGR) of 6%. Over the third quarter of 2021, around 330,000 sq m of office gross leasable area (GLA) was delivered in Riyadh’s office market. In Jeddah, about 40,600 sq m of office stock was added in the same period bringing the total supply to 1.1 million sq m.
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Edited by Kanishk Singh
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