Saudi Arabia vs Dubai could be the Gulf’s New Business Rivalry

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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