Saudi Money Is Back in UAE Just in Time for Dubai’s IPO Bonanza
- Bank of America says Saudi investors are buying into UAE IPOs
- Dubai is set to join bustling activity in Riyadh and Abu Dhabi
Traders follow financial markets at the Dubai Stock Exchange in the United Arab Emirates.
Photographer: Giuseppe Cacace/AFP/Getty Images
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Intensifying competition with the United Arab Emirates hasn’t stopped Saudi investors from pouring cash into Abu Dhabi’s listing boom, with Dubai’s anticipated deals also in their sights.
The historically friendly relationship is showing signs of fraying, as Saudi officials pressure international companies to set up shop in Riyadh rather than in Dubai. The UAE responded by easing business and cultural restrictions to position itself as the more attractive place to live and work.