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Servcorp, an Australia-based company that prides itself as a leading originator and innovator in serviced offices, co-working environments, and virtual offices, has allocated $16 million to push its global product offering into newer territories including the Middle East.

The company estimates that the $16 million investment will bear a direct impact on the still-nascent coworking market in the Middle East, especially in the GCC countries. In fact, the investment is already yielding results as Servcorp is launching new co-working spaces across the world including in Beirut, Abu Dhabi, Jeddah, and London. The company now plans on opening several additional workspaces by June 2018.

Servcorp also acknowledged that it is primarily focusing on 50 of its key business locations including the ones at the rapidly growing Middle East markets of Bahrain, Dubai, and Riyadh.

“Through sustained investment in modernising our business template, we are positioning ourselves to remain a leading flexible workspace provider in Europe, the Middle East, India and soon, we expect, in Africa (EMEIA). Through investment in co-working, in particular, we are transforming our members’ relationship with the traditional office set-up. Our workspace environment is a truly distinctive blend of professional yet comfortable spaces, with back-end systems, high-quality services and a global presence in iconic locations,” said Taine Moufarrige, Executive Director at Servcorp.

The company further added that new Servcorp coworking spaces in emerging Arab economies will help businesses by offering them contemporary design enhancements including lounge areas, casual meeting spaces, more practical and appealing interiors, and so on.