WeWork opens a Dubai co-working space
Co-working space provider WeWork has secured an address in Dubai in building 4 of One Central, an office complex close to the World Trade Centre.
The New York-headquartered company is accepting touring requests from start-ups and companies interested in basing themselves out of the office space giant’s new Dubai location. Only hot desks, where multiple workers share the same workspace, are available this month. Dedicated desks and private offices will be available in the coming months, WeWork said on its website.
“Business, community, and premium amenities coalesce at One Central,” said WeWork.
“Many local and international businesses are opening in this award-winning commercial development … and WeWork’s shared office is a vibrant home for teams of all sizes,” it added.
The company advertised the position of a community manager in Dubai last August but declined to comment on when it is planning to start its operations in the emirate.
WeWork has not disclosed the price for its Dubai base yet.
One Central is its second location in the Middle East. The first, a 5,000 square metre facility , opened in August last year, is in Hub71 based at Abu Dhabi Global Market in Al Maryah Island.
At Hub71 for start-ups, private office and dedicated desks for two people cost Dh5,000 and Dh2,600 a month respectively, while a hot desk costs Dh1,100 a month per employee.
WeWork is backed by Japan’s SoftBank Vision Fund, which counts Mubadala Investment Company and Saudi Arabia’s Public Investment Fund as its two largest investors.
Founded in 2010, WeWork offers office space to more than 466,000 members, with prices varying depending on the market. A desk in Mumbai, for example, can be rented for $150 (Dh550) but the same option in London will cost at least $400.
In November last year, the company said it was laying off about 2,400 employees, almost 20 per cent of its workforce, as it sought to drastically cut costs. The move came after WeWork’s $47 billion initial public offering bid failed amid investor concerns about the company’s finances and corporate governance practices. Soon after co-founder Adam Neumann stepped down as chief executive.
Co-working spaces have risen in popularity with a rise in tech-based freelance and entrepreneurial work around the world. Nearly 1,688 co-working spaces were forecast to open worldwide by the end of last year, according to a report by Coworking Resources. The total will reach 26,000 globally by 2022.
