Adam Neumann’s real estate company buys three buildings in Saudi Arabia

The Fluo real estate company, owned by businessman Adam Neumann, is entering the real estate market in Saudi Arabia. The company purchases three buildings in Riyadh in cooperation with local investors. The amount of the investment was not disclosed.

According to the company, the project in Riyadh includes three apartment buildings that will contain approximately 920 housing units after construction is completed. The buildings will include facilities such as a gym, spa and pool. Fluo will serve as both the owner and the management company for the buildings, similar to the company’s business model in the US.

The company stated that “Saudi Arabia offers a great opportunity to invest in a dynamic and growing place. Fluo is happy and proud to enter into activity in the region, and meet a need in a growing market.”

According to the announcement, the first project in Riyadh is already under development and is expected to be completed by the end of the year, with the other two buildings scheduled to open by the first quarter of next year. The buildings will offer furnished units on demand, and will focus on a diverse audience of local and foreign residents, as well as companies looking to rent units for their employees.

Fluo was established by Neumann in 2022 with a private investment of 350 million dollars, when Andreessen Horowitz invested another identical amount. According to its definition, the company focuses on creating a community living environment that aims to upgrade the housing experience beyond just living.