Adam Neumann, the former CEO of WeWork, has praised Saudi Arabia and expressed his interest in launching a real estate start-up in the Kingdom.
This comes after Neumann’s ouster from WeWork in 2019 due to a failed IPO and allegations of mismanagement.
In a recent interview with the Saudi-based news outlet Asharq Business, Neumann spoke about his admiration for the Kingdom’s transformation and its Vision 2030 plan, which aims to diversify the country’s economy and reduce its dependence on oil.
Neumann praised the Kingdom’s efforts to attract foreign investment and create a more business-friendly environment, stating that “Saudi Arabia is a very exciting place to be right now for entrepreneurs and investors.”
He also highlighted the potential of the country’s real estate market, citing its large and growing population as well as its strategic location at the crossroads of Europe, Asia, and Africa.
Neumann’s interest in launching a real estate start-up in Saudi Arabia reflects the Kingdom’s efforts to diversify its economy and attract foreign investment in non-oil sectors.
The country has recently launched several initiatives to promote entrepreneurship and innovation, such as the “Misk Innovation” program and the “Saudi Venture Capital Company.”
However, Neumann’s interest in Saudi Arabia has raised some eyebrows due to the country’s human rights record and its ongoing conflict in Yemen.
Critics argue that Neumann’s decision to do business in Saudi Arabia could be seen as condoning the country’s human rights abuses and fueling its military campaign in Yemen.
Despite the controversy, Neumann remains optimistic about the potential of the Saudi market and the opportunities it presents for entrepreneurs and investors.
He stated in the interview, “I see a lot of potential in Saudi Arabia, and I believe that with the right mindset and approach, we can make a positive impact on the country’s economy and society.”
In conclusion, Adam Neumann’s praise of Saudi Arabia and his interest in launching a real estate start-up in the Kingdom reflect the country’s growing appeal to foreign investors and entrepreneurs.
While his decision to do business in Saudi Arabia may be controversial, it highlights the Kingdom’s efforts to diversify its economy and create a more business-friendly environment.
It remains to be seen whether Neumann’s venture will be successful, but his optimism and enthusiasm for the Saudi market are a testament to its potential.