The population density of Dubai is likely to reach 4 million in 2020 because of a large number of expatriate professionals migrating to avail. Better employment opportunities and investors who want to capitalize on high returns out of increasing economic prospects of Dubai globally, S&P noted on Wednesday.
Based on such assumptions we forecast the emirate’s GDP per capita to reach around $38,000 (Dh139,460) by the end of 2024. The resident population that excludes the people outside of Dubai, who visit the emirate for business and employment purposes only, increased to 3.7 million by year end of 2023. Assuming expatriate flows are robust, we expect it to reach 4.0 million by 2026, the S&P analysts said in a note titled: ‘How are Dubai’s Macroeconomic Prospects Shaping Up?’.
Over the past few years, Dubai has developed as a regional financial, tourism, and trade center, propelling GDP through investments across various sectors. In addition, many employment opportunities were offered, which has also made Dubai attract many millionaires from all over the world.
Growing at a rate of 3.5 percent since the start of 2017, the latest estimate of the emirate’s population was 3,789,134 registered in the emirate on October 16. The population of the city has grown by well over 378,000 residential units since the beginning of the year 2021, primarily attributed to the foreigners in the city as clients workers, or investors.
Centi-millionaires are expected to tilt towards Dubai, Sharjah, and Abu Dhabi from other emirates where more than 150 percent migration is expected between 2024 and 2040. After ranking 15th among the top 50 cities, Dubai has 212 centa-millionaires and 72500 millionaires, says Henley and Partners.
Launched last year as part of Dubai Economic Agenda D33, the emirate plans to double the size of its economy, raise foreign trade to Dh25.6 trillion, and generate thousands of new employment opportunities in the next decade.
Real GDP growth is expected to remain closer to 3 pct on average during 2024-2027 after the projected 3.3% in calendar 2023. Also, the combination of infrastructure with technology and innovation the real estate as well as Accounts and financial services in the services sector will be the growth engine for Dubai with UAE’s social and economic reform across the country. More expectations of encouraging new businesses in Dubai are business-oriented regulations, a change of visa information for the simpler form, and successful experiences of those for long-term residency visas that have been evaluated by the S&P analysts.
