S&P global ratings have projected Dubai's population to hit 4 million by the year 2026. Due to its growing economy, Dubai has become the top destination for expatriates and the investment hub of choice for top investors.
“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,” Delivering a note titled 'How are Dubai’s Macroeconomic Prospects Shaping up?', the S&P analysts said.
Dubai is an investment destination in Financial, Tourism, and Trade. Over the past months, it has witnessed a massive inflow and attracted many millionaires from around the world across diverse sectors, elevating the GDP and creating more job opportunities.
The population has increased by over 134,000 since the start of the year, estimated at 3.789 million on October 16, 2024. Dubai and other cities like Abu Dhabi and Sharjah are projected to see an increase of more than 150 per cent in the migration of centi-millionaires between 2024 and 2040.
Currently, Dubai is ranked 15th among the top 50 cities in the world, and according to Henley and Partners, Dubai is home to 212 centi-millionaires and 72,500 millionaires.
Last year, D33 announced that the emirate plans a new Dubai economic agenda, which will double the size of its economy in the next decade, increase foreign trade to Dh25.6 trillion and create thousands of new job opportunities.
The S&P analysts said within 2024-2027 GDP growth will remain at 3 per cent on average, and the service sector, including real estate, hospitality, and financial services will drive Dubai's growth, supported by UAE-wide social and economic reforms
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