By Bill Anderson, Senior Valuation Advisor & RICS Associate, Assetica — 2026-06-02
The same business can be worth meaningfully different amounts depending on whether it sits in Dubai, London or Riyadh. Here is what actually drives the gap, from taxes to buyer pools.
Dubai wins this round clearly: UAE corporate tax is a modest 9 per cent and there is no personal income or capital gains tax, so the gap between sale price and money in the seller's account is the smallest of the three cities. UK sellers face capital gains tax with a scaled-back Business Asset Disposal Relief. Saudi outcomes depend on ownership: corporate income tax for non-Saudi non-GCC shares, zakat for Saudi and GCC shares.
London remains the deepest buyer market by a wide margin, with private equity, search funds, family offices and trade consolidators manufacturing the competition that pushes prices to the top of the range. Dubai is far more liquid than five years ago but thinner in the middle band. Riyadh is the highest-variance market: aggressive, well-funded buyers in Vision 2030 sectors, quiet outside them.
London's reporting regime makes earnings cheap to verify, which supports valuations; the UAE and Saudi Arabia are converging fast, helped by corporate tax and widening audit requirements. UAE licence transfers add friction that buyers price. The dollar pegs give Gulf earnings currency stability sterling lacks, and the Gulf's growth narrative leaks into buyers' growth assumptions.
A Vision 2030 strategic asset may fetch its highest gross price in Riyadh; an ordinary well-documented mid-sized business often fetches its highest gross price in London; but after tax the Dubai seller frequently keeps the most. The strongest 2026 position is a Dubai business built to London-grade documentation and governance standards.
Is a business worth more in Dubai, London or Riyadh?
It depends on the business. Strategic Vision 2030 assets may fetch the highest gross price in Riyadh, ordinary well-documented businesses often gross more in London's deeper buyer market, but after tax the Dubai seller frequently keeps the most, because the UAE has no personal capital gains tax.
Why do London businesses attract more buyers?
Decades of private equity activity, search funds, family offices, trade consolidators and a professional deal ecosystem create competitive sale processes with multiple credible bidders, and competition pushes prices to the top of the range.
What is the best strategy for Gulf business owners in 2026?
Build and hold where operating economics and tax treatment are kindest, but build to the documentation and governance standard of the deepest market: a Dubai business with London-grade books, contracts and management attracts international buyers at international multiples with Gulf-grade exit economics.