Dubai is on track to experience significant population growth, with projections estimating that the emirate's resident count will reach 4 million by 2026.
This surge is attributed to an influx of expatriate professionals seeking better job opportunities and investors drawn to the emirate’s thriving economy, according to a recent report by global ratings agency S&P.
As of October 16, Dubai's population has reached 3.789 million, reflecting an increase of over 134,000 since the start of the year. Since January 2021, the city has welcomed more than 378,000 new residents, primarily due to the steady arrival of foreign professionals and investors. S&P estimates that the GDP per capita for Dubai will be around $38,000 (Dh139,460) in 2024.
Dubai's diverse economy has seen massive investment inflows over the past few years, fostering GDP growth and creating numerous job opportunities. As a prominent financial, tourism, and trade hub, the emirate is attracting millionaires globally; currently, it is home to 212 centi-millionaires and 72,500 millionaires, according to Henley and Partners.
The Dubai Economic Agenda D33 aims to double the emirate's economy within the next decade, increasing foreign trade to Dh25.6 trillion and generating thousands of new jobs. S&P analysts project that real GDP growth will average around 3 percent from 2024 to 2027, supported by robust performance in the services sector, including real estate and hospitality.
With favorable business regulations and initiatives like long-term residency visas, Dubai continues to be a magnet for investment and talent.
News Source: Khaleej Times
