Dubai population set to reach 4 million by 2026
According to S&P, a global ratings agency, the inflow of expatriate professionals for job opportunities as well as investors poised to benefit from the growing economy will push Dubai’s population to 4 million by 2026.
The emirate’s GDP per capita on our estimates will be close to $38,000 (Dh139,460) in 2024. By the end of 2023, the resident population who does not live in other regions of the UAE and works in Dubai became 3.7 million.
“We expect it shall reach 4.0 million by 2026, thanks to sizable expatriate immigration,” said S&P analysts in a note 'How are Dubai’s Macroeconomic Prospects Shaping up?' As for the underlying factors of the current export inflows they are associated with construction and other activity in the UAE.
There has also been a great influx of millionaires to Dubai since there were a lot of investment opportunities in different sectors which increased GDP growth and created plenty of jobs due to the position of Dubai as a regional center for finance, trade and tourism.
To date the year has seen an increase in Dubai’s population of over 134,000 people who have settled in more than three million on the 16th October 2023. In the beginning of the year 2021 the establishment of professionals, foreign workers and investors saw the increase of the population by at least 378000.
According to latest information, Dubai along with Abu Dhabi and Sharjah will have an upsurge of greater than 150% centi-millionaires migration between the years 2024 to 2047 according to senior research analyst at research58, Ahmed Asif. He said Dubai is the 15th among the best 50 cities having around 72,500 millionaires and 212 centi millionaires according to Henley and partners.
According to the Dubai Economic Agenda D33 that was presented last year, it is expected that over the course of the coming decade the size of the economy will be doubled and the volume of exports will grow to Dh25.6 trillion while millions of job opportunities will be made available.
In 2024 our projection forecasts growth of about 3 percent for real GDP growth, this however follows growth of approximately 3.3 in the year of 2023. The growth of Dubai will be underpinned by the services sector which includes the real estate, hospitality, and financial services as there will be UAE-wide social and economic reforms.
According to S&P analysts, the business-friendly policies, the simplified visa regime, and the successful long-term residency visas will always encourage new businesses in Dubai.
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