Flow's Luxury Apartments Open in Riyadh

Adam Neumann, the founder of WeWork, is back with a new real estate venture called Flow. Flow, a co-living startup, recently opened a compound with 238 apartments in Riyadh, the capital of Saudi Arabia.

• The opening included an Aztec-themed hot chocolate ceremony and tote bags with the words "holy s— I'm alive" on them.

Flow Apartments in Riyadh: Amenities and Services

The apartments are furnished and start at $3,500 a month. They include hotel-style services such as laundry and housekeeping.

• Amenities include pools, co-ed gyms (unusual in Saudi Arabia), and bowling alleys.

Flow's Expansion in Riyadh

Flow is building three other properties with nearly 1,000 apartments in Riyadh. This indicates a significant investment by Neumann and a belief in the Saudi real estate market.

Flow's Earlier Ventures: Fort Lauderdale and Miami

The company’s first but less luxurious properties were opened in Fort Lauderdale and Miami in April. This signifies the company’s gradual expansion into the US real estate market with different offerings.

Flow's Funding: Andreessen Horowitz

In 2022, Flow raised $350 million from Andreessen Horowitz, a venture capital firm known for its investments in promising startups.

• This funding raised eyebrows given the problematic history of Neumann’s previous startup, WeWork.

WeWork's Bankruptcy and Acquisition

WeWork, once valued at $47 billion, filed for bankruptcy protection last year and was ultimately acquired by Yardi, a real estate group, for $450 million. The acquisition signified a significant fall from grace for WeWork, which at one point was considered a major player in the co-working space.

Flow's Future and Potential

Flow's success in Riyadh could be a turning point for the company. Neumann has a track record of disrupting the real estate industry. If Flow succeeds in Saudi Arabia, it could be a model for the company’s future expansion. The company is planning to build three other properties with nearly 1,000 apartments in Riyadh.

• This expansion suggests that Flow is committed to Saudi Arabia and sees a strong opportunity in the market.

Flow: A New Chapter for Adam Neumann?

Flow’s success in Saudi Arabia could be a significant step for Adam Neumann and his company. It will be interesting to see how Flow navigates the challenges of the real estate market and whether it can avoid the pitfalls of its predecessor, WeWork.

• Flow’s focus on luxury apartments, hotel-style services, and unique amenities could be a successful formula in the Saudi Arabian market, especially given the country’s rapid economic growth and development.