Dubai’s population is projected to hit 4 million by 2026 on a strong inflow of expatriate professionals flocking to the emirate for better job opportunities and investors who want to cash in on high returns from the growing economy, global ratings agency S&P said on Wednesday.
“We estimate the emirate’s GDP per capita at about $38,000 (Dh139,460) in 2024. The resident population – which excludes those residing in other parts of the UAE and commuting to Dubai for work – reached 3.7 million at year-end 2023… We project it will hit 4.0 million by 2026 on strong expatriate inflows,” S&P analysts said in a note titled ‘How are Dubai’s Macroeconomic Prospects Shaping up?’.
As a regional financial, tourism and trade hub, Dubai saw massive investment inflows across diverse sectors over the past few years which pushed GDP growth and also created a lot of job opportunities. This has also attracted a lot of millionaires from around the world to Dubai.
Dubai’s population has increased by over 134,000 since the beginning of this year, reaching 3.789 million on October 16. Since January 2021, the city’s population has increased by over 378,000, mainly due to the influx of foreign professionals, workers and investors.
Dubai – along with Abu Dhabi and Sharjah – are expected to see an increase of more than 150 per cent in the migration of centi-millionaires between 2024 and 2040. Ranked 15th among the top 50 cities, Dubai is home to 212 centi-millionaires and 72,500 millionaires, according to Henley and Partners.
As part of Dubai Economic Agenda D33 announced last year, the emirate aims to double the size of its economy over the next decade, increase foreign trade to Dh25.6 trillion and create thousands of new employment opportunities;.
“We expect real GDP growth to remain near 3 per cent on average over 2024-2027 following 3.3 per cent growth in 2023. The services sector, including real estate, hospitality, and financial services will drive Dubai’s growth, supported by UAE-wide social and economic reforms. Business-friendly regulations, a simplified visa regime, and the success of long-term residency visas will continue to fuel new businesses in Dubai,” said S&P analysts.
Source: www.khaleejtimes.com
