The Space merges with Vibes to form co-working space network in KSA
- Saudi Arabia-based co-working space, The Space, has merged with Vibes for an undisclosed value.
- Founded in 2014 by Omar Al-Shabaan and Riyad Al-Zamil, The Space is a Riyadh-based co-working space, incubator, and accelerator, while Vibes, founded in 2018 by Abdulrahman Alsudairy and Sultan Ghaznawi enables entrepreneurs by providing them with productive co-working spaces based Jeddah, Saudi Arabia.
- Vibes and The Space claim that this merger will combine 20 co-working 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 Space announced during the LEAP23 conference, the largest technology conference in the world, that it has merged with Vibes, at an undisclosed value, to become the largest co-working space in the region!
Omar Al-Shabaan, CEO of The Space, commented that “this deal represents the first step in our plan to expand and grow at the local and regional levels. This process resulted in the merging of more than 20 co-working spaces in 8 cities around the Kingdom to serve the sector and our entrepreneurs.”
The Space’s Chairman, Riyad Al-Zamil, added: “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, further 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.
As for Sultan Ghaznawi, Chairman of Vibes, he concluded with his pride of the positive impact on the local and regional economy and the creation of the strongest network of local and international partners and entrepreneurs.
This merger combines 20 co-working spaces in 8 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.