Riyadh – Sharikat Mubasher: Adam Neumann's real estate startup Flow is partnering with local investors to develop three residential properties in Saudi Arabia.

The trio of buildings in the country’s capital city, Riyadh, are slated to deliver approximately 920 units, according to Bloomberg.

Flow will own and manage the properties. The company set up an entity to operate in the Middle East nation. One of the buildings is already open, though it won’t be fully completed until the end of the year; the other two buildings are expected to open in the first quarter.

A spokesperson for Flow said: “Saudi Arabia presents a tremendous opportunity to invest in a place with dynamism and growth”. Ben Horowitz, a cofounder of Andreessen Horowitz — which invested $350 million into Flow in 2022 — previously teased an expansion to the Middle Eastern country.

The properties will include furnished and unfurnished apartments, attempting to appeal to locals and foreigners alike. The average rent on a furnished apartment at the open property is $4,262, versus the average rent on an unfurnished apartment, $2,843.