Adam Neumann, the controversial co-founder of WeWork, has expanded his latest real estate startup, Flow to Saudi, with the launch of its co-living community in Riyadh. The move marks a significant expansion for the startup, which has already established properties in Florida. Saudi is the first international market for the firm.
Flow Narjis, the company’s first Saudi Arabian property, opened with a soft launch in August in the Al Narjis area near Riyadh’s airport. The development offers 238 furnished apartments, with two- and three-bedroom units starting at 114,000 SAR (approximately $30,400) per year.
The apartments come with different amenities and services including laundry, yoga classes, gym, pool, hotel-style housekeeping, and co-working spaces. The company seems to have made some changes to existing buildings to align with its brand aesthetic, removing traditional gender separations in areas like gyms.
Flow plans to operate three properties in Riyadh by the end of the year, including one in Garnada, totaling nearly 1,000 apartments. The company has partnered with local private investors for these developments, although Saudi Arabia’s sovereign wealth fund is not involved, according to a Flow spokesperson who spoke with Forbes. It has not disclosed the names of local investors or the terms of the deal.
This expansion comes after Neumann raised $350 million from Andreessen Horowitz (a16z) in 2022 and invested over $1 billion in apartment blocks across the United States. The Saudi Arabian launch suggests a strategy to tap into the kingdom’s evolving real estate market and its push for economic diversification.
Flow’s business model appears to be a refinement of Neumann’s previous attempt at residential real estate, WeLive, which was part of WeWork but failed to gain traction. The new venture emphasizes “conscious community” and offers a range of services and experiences designed to attract young professionals and expatriates.
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