Servcorp is expanding its presence in the Middle East as part of an aggressive growth plan for the EMEIA (Europe, Middle East, India and Africa) region. With a track record of over 40 years, Servcorp is widely regarded as both an originator and innovator for serviced offices, shared workspaces and co-working environments.
The Company has commenced the expansion by opening an additional floor in Beirut’s Louis Vuitton Building, in the heart of the Beirut Souks, and launching a co-working space in the Al Mamoura Complex in Abu Dhabi. Servcorp plans to open a string of premium locations across Saudi Arabia, Egypt, Kuwait and Turkey.
The Company’s growing presence in the Middle East is aligned with the regional drive to stimulate entrepreneurship, attract start-ups and support the entry of established small, medium and global businesses in the region by providing world-class infrastructure, including technology and IT platforms, that facilitate ease of doing business. Servcorp is also targeting growth in India, the UK and Europe.
Taine Moufarrige, Executive Director at Servcorp, commented, “By aligning our growth objectives with the economic development programmes of the GCC and the wider Middle East, we are seizing the opportunity to support a growing mass of entrepreneurs, start-ups and members of the young creative-economy seeking a cost-effective office infrastructure, backed by cutting-edge technology and industry-leading services, without the fixed liabilities. Many countries are diversifying their economies through the emergence of new and innovative SMEs as well as by stimulating the entry of established companies in the region. Our 40 years of experience, in both developed and emerging markets, places us in pole position to support this transformative process. While other players in our space are working out their business model, we’ll roll out ours, which we know works for both our members’ and our business.”
In Lebanon, Servcorp added a new floor in Beirut’s Louis Vuitton Building, including a purpose-built co-working space. The new facility combines state-of-the-art design, an integrated technology platform and high-quality office support and admin teams. The launch was attended by H.E. Raed Khoury, Minister of Economy and Trade, Mr. Jamal Jarrah, Minister of Telecommunications, and H.E. Glenn Miles, the Australian Ambassador to Lebanon.
In Abu Dhabi, Servcorp launched a co-working space in its Al Mamoura Complex branch. The launch is part of an ongoing programme to roll out co-working facilities across the EMEIA region, along with a range of monthly co-working packages that provide businesses with access to a host of virtual and infrastructural facilities to support the growth of their operations. The launch of the workspace was attended by H.E. Arthur Spyrou, the Australian Ambassador to the UAE.
Both expansions also included the local launch of the Servcorp Community Platform, one of the largest private business communities in the world, allowing 35,000 Servcorp members to connect and collaborate globally. The community platform has been a key pillar of Servcorp’s success over the last 40 years. In line with Servcorp’s global offering, members can book meeting and board rooms in real time and gain unlimited access to 160 co-working spaces in 24 countries.
Moufarrige continued, “Over the past 16 years of activity in the EMEIA region, Servcorp has achieved excellent returns through its disciplined investment decisions. For example, our initial investment in Saudi Arabia in 2010 generated strong cash flows and solid earnings within three years to support the rapid opening of further floors. Today, we have 9 floors across the Kingdom with the opportunity to double that number over the medium-term. We believe that a number of high-potential growth markets offer similar opportunities throughout the EMEIA region, as the growth of the flexible workspace industry accelerates to account for 30% of all workspace by 2030.”
Servcorp Group, which is headquartered in Sydney and listed on the Australian Stock Exchange, injected US$30 million into its global business last year, to support the growth of its co-working offer, facilitate new workspace designs and augment its technology and customer experience infrastructure. Through continual investment, Servcorp is transforming customers’ relationship with the traditional built environment and creating an outstanding flexible office space ecosystem.