KSA: Saudi Arabian coworking company The Space has merged with fellow operator Vibes for an undisclosed value.
Founded in 2014 by Omar Al-Shabaan and Riyad Al-Zamil, The Space is a Riyadh-based coworking space, incubator, and accelerator, while Vibes, founded in 2018 by Abdulrahman Alsudairy and Sultan Ghaznawi is based in Jeddah.
The merger will combine 20 coworking spaces in eight cities around the kingdom, and an entrepreneurial network composed of more than 2,000 partners and clients from entrepreneurs, startups, government and private entities, in addition to incubating more than 150 companies from 40 countries. The deal creates the largest Saudi coworking company.
The Space’s chairman, Riyad Al-Zamil, said: “Our investment in The Space and this merger deal stems from our belief in the business model and the urgent need for it, in addition to our confidence in the management of both companies and their ability to continue innovating and excelling within the sector.”
Abdulrahman Alsudairy, CEO of Vibes, added: “Through this merger, we aim to further serve entrepreneurs and provide a distinguished experience. We will serve and enable our community of remarkable entrepreneurs, and work towards creating a sustainable ecosystem of entrepreneurs.
