What’s going on:
All for an undisclosed value, The Space, a coworking space based in Saudi Arabia, has now combined forces with Vibes. This has resulted in the merging of 20 coworking spaces in eight cities and a network of more than 2,000 partners and clients from entrepreneurs, startups, government and private entities, as well as the incubation of 150 companies from 40 different countries.
Why it matters:
Omar Al-Shabaan, CEO of The Space, said “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 coworking spaces in 8 cities around the Kingdom to serve the sector and our entrepreneurs.”
Abdulrahman Alsudairy, CEO of Vibes, said, “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.”
How it’ll impact the future:
Sultan Ghaznawi, Chairman of Vibes, concluded that this merger will have beneficial effects on the local and regional economy, as well as the building of an impressive network of both local and international partners and entrepreneurs.
