The growing number of startups in Riyadh reflects an undeclared competition between two Gulf allies that’s set to intensify this year, realigning the economics of a region striving to reduce its reliance on oil.

Dubai has staked its economic recovery on World Expo 2020, a six-month showcase of global innovation expected to attract some 25 million visitors, while investing billions of dollars in infrastructure. It’s also a big year for Saudi Arabia, which takes on the chairmanship of the Group of 20 major economies and plans a series of events to promote its own breakneck transformation.

Current trends in the UAE real estate market – specifically in Dubai and Abu Dhabi – show property prices continuing to drop, while the number of sales transactions hit 11-year highs, spurred by strong supply and a healthy pipeline of residential and commercial properties.

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