WeWork to launch in Hub71 in Q1 2020
WeWork, the SoftBank Vision Fund backed real estate firm, is expanding to the Middle East. It plans to open a 5,000 square metre large co-working space by the first quarter of 2020 at Hub71 in Abu Dhabi.The move to expand to the country’s capital is an interesting one seeing the most recent initiatives by the government to support and attract VCs and startups. Few of these moves include the setting up of Hub71 itself, which was created by Mubadala, ADGM, Microsoft and SoftBank, as part of the Ghadan 21 programme to reform the local economy of Abu Dhabi.
The first WeWork building in the region will span across three floors, designed to provide collaborative and inspirational workspace for venture capitalists, start-ups, corporates as well as tech companies and universities.
We are excited to expand our global community through this new partnership with Hub71. The UAE’s capital city attracts innovative founders, established businesses, entrepreneurs and startups; the same type of people and businesses that call WeWork home around the world.Anthony Yazbeck, Managing Director, International Operations for WeWork
WeWork is setting up at Hub71 with a “mission is to create dynamic environments where these groups can learn from each other, increase productivity, recruit and retain talent, and bring the ideas of the future into reality,” said Yazbeck, managing director of WeWork’s international operations.
The move to expand to the country’s capital is an interesting one seeing the most recent initiatives by the government to support and attract VCs and startups. Few of these moves include the setting up of Hub71 itself, which was created by Mubadala, ADGM, Microsoft and SoftBank, as part of the Ghadan 21 programme to reform the local economy of Abu Dhabi.
Hub71 has also recently partnered with TechStars, an international accelerator in the region; prior to that it also welcomed Starburst and Plug & Play ADGM.
WeWork is home to 466,000 members around the world. At Hub71, it is expected to provide a range of products and services, from single desks to private, noise-controlled office spaces—similar to many co-working spaces in the country—starting at AED 1,470 (USD 400) per desk per month.
WeWork shows that Abu Dhabi is ready to welcome global tech talent, international startups and founders from all parts of the globe. With a macro shift towards collaborative and adaptable ways of working, WeWork has become a leader in workspace solutions. Not only does WeWork build inspirational spaces, but also provides networking opportunities, as well as formal and informal events and programming.Mahmoud Adi, CEO of Hub71
As both SoftBank backed initiative and firm, i.e. Hub71 and WeWork, come together to launch in early 2020, can expect to boost the local startup and investment ecosystem. The financial centre is set to further attract start-ups and VCs to establish in the capital and take advantage of the government’s AED 535 million fund, launched in March 2019, to co-invest with VCs and provide subsidy packages to startups.