COLABS Expands into Riyadh, Enabling Stronger Saudi-Pakistan Business Relations

COLABS Expands to Riyadh: Strengthening Ties Between Saudi Arabia and Pakistan

In a significant move that highlights the growing business connections between Saudi Arabia and Pakistan, COLABS has officially announced its expansion into Riyadh, Saudi Arabia. This milestone comes with the establishment of its flagship site in the capital, signaling a new chapter in its mission to enhance entrepreneurial collaborations between the two nations.

Solidifying Strategic Partnerships

COLABS, recognized as Pakistan's leading venture-backed workspace provider, has forged a crucial partnership with Waseel Investment, alongside renewed backing from Shorooq, marking a clear signal of investor confidence in COLABS’ ambitious vision for cross-border economic collaboration. According to Omar Shah, CEO and Co-Founder of COLABS, “Saudi Arabia's Vision 2030 has created incredible momentum for innovation and entrepreneurship.” He emphasized understanding Riyadh as an ideal starting point for COLABS' expansion across the MENA region.

The Riyadh location, currently under development and anticipated to open shortly, serves as the first phase in COLABS’ strategy to penetrate the Middle East market. This site is not just about offering workspace; it intends to build a community where entrepreneurs from both Saudi Arabia and Pakistan can converge, share ideas, and foster cultural exchanges.

A Flourishing Ecosystem

Saudi Arabia is rapidly establishing itself as the fastest-growing startup ecosystem in the Middle East and North Africa (MENA), with over $2 billion in venture funding poured into its burgeoning businesses in the year 2024. Currently accounting for over 40% of all regional investment deals, Saudi Arabia presents a ripe opportunity for international players like COLABS.

Shane Shin, Founding Partner of Shorooq, remarked on this strategic investment, reinforcing Shorooq's continued support for COLABS. He stated that their confidence reflects a belief in the company’s capability to execute its regional vision successfully, aiming to enhance the entrepreneurial landscape significantly.

Emphasizing Cultural Bridges

The expansion not only symbolizes an economic strategy but also underscores a cultural connection. COLABS is dedicated to promoting artistic collaboration and multicultural exchange within the Saudi and Pakistani communities. This aspect is critical as it will enrich the local creative economy by bringing diverse perspectives together.

Federal Minister for IT and Telecommunications in Pakistan, Ms. Shaza Fatima Khawaja, also commended COLABS on this significant advancement. She highlighted how the expansion signals a deepening of digital ties between the two nations, reiterating the commitment to bolstering cross-border digital investments, an essential aspect of both countries' developmental strategies.

Looking to the Future

The long-term vision for COLABS includes making this center in Riyadh a critical node for connecting Saudi capital and corporations with emerging startups and talent from other emerging markets. With a burgeoning workforce and a growing need for collaborative spaces, COLABS aims to become a focal point in the startup ecosystem.

Founded in 2019 in Lahore, COLABS has successfully developed a sustainable business model in Pakistan, serving over 5,000 members from 300 companies. The platform not only provides workspace but hosts more than 1,000 events each year, facilitating a dynamic environment for networking, learning, and growth.

As COLABS continues its journey into the MENA region, the collaboration with Waseel Investment and ongoing support from Shorooq positions it to play a vital role in the broader regional entrepreneurial narrative. This expansion aligns perfectly with the global transition towards more interconnected business ecosystems and reflects the shared goals of both Saudi Arabia and Pakistan in fostering innovation, job creation, and sustainable economic growth.

For more information about COLABS and its strategic programs, visit COLABS.