Adam Neumann, the co-working billionaire known for his involvement in WeWork, has quietly opened properties in Riyadh, Saudi Arabia under his real estate startup, Flow. Flow, backed by Andreessen Horowitz, aims to bring a sense of community to housing complexes through co-living and apartment rentals. Neumann, after stepping down as WeWork CEO, has focused on Flow, which offers coworking spaces, yoga classes, and hotel-style housekeeping services in addition to apartments in Riyadh.
Flow Narjis, the first property in Riyadh, offers two- and three-bedroom apartments starting at $3,500 a month. The compound, built by Saudi construction group Safa, has been retrofitted by Flow to align with their brand. Flow has three properties with close to 1,000 apartments in the Saudi capital, with construction set to finish by the end of the year. Neumann’s startup partnered with private local investors to purchase the properties, but the Saudi sovereign wealth fund, which backs Andreessen Horowitz, has not invested in Flow.
Andreessen Horowitz’s decision to invest in Neumann’s Flow in 2022 raised eyebrows following WeWork’s collapse from a $47 billion valuation. Neumann’s vision for Flow has evolved, encompassing a variety of ideas from crypto-enabled financial services to an emphasis on community and equity-building through rent payments. Flow’s first properties in Florida offered medium to long-term leases with an eco-friendly focus, and the startup has an app for tenants to communicate with building management.
Neumann’s history with Saudi Arabia and its sovereign wealth fund is complex, with SoftBank’s Vision Fund playing a significant role in the funding of both WeWork and Flow. Despite controversy surrounding the country’s human rights record, Neumann has been a prominent figure at events like the sovereign wealth fund’s annual summit in Riyadh. Neumann’s previous foray into residential property with WeWork’s co-living arm, WeLive, was short-lived, but his focus on community and hospitality remains central to Flow’s mission.
Flow’s expansion into Riyadh marks Neumann’s continued pursuit of reshaping the housing market through a mix of technology, services, and community-building. As Flow continues to grow and adapt its business model, Neumann’s vision of creating a new way of living that combines hospitality with modern amenities remains at the forefront. While Neumann’s past ventures have faced challenges, his determination to redefine residential living and create a sense of community through Flow shows no signs of slowing down.
