Latest news with #GlobalInvestmentOutlook2025
Khaleej Times
01-04-2025
- Business
- Khaleej Times
Dubai population on track to reach 4 million this year
Dubai's population continued to increase at a steady pace in the first quarter of 2025, crossing 3.9 million for the first time as the inflow of new residents continued. According to Dubai Statistics Centre data, the emirate's population grew 51,295 during January to March 2025 as compared to 52,143 during the same period last year, reflecting Dubai and UAE's maintaining strong appeal for foreign professionals and millionaires. At the end of the first quarter of 2025, Dubai's population stood at 3.914 million. If the population continues at the current pace, it is expected that the population of the regional financial centre is set to reach 4 million landmark in the third quarter of this year. In 2024, the emirate's population grew by over 169,000 to 3.825 million. It was the fastest increase in annual population rate since 2018. The emirate's growing population will drive growth of multiple sectors mainly real estate, retail, food and beverages (F&B), travel and tourism, hospitality and many others. Emirates NBD Research noted in its Global Investment Outlook 2025 that the UAE's non-oil economy is 'benefitting from growing population.' 'A key driver of economic growth for the UAE is its expanding population. A vibrant labour market, long-term resident visas, coupled with best-in-class infrastructure for corporates, encourage white-collar workers to shift to the UAE. This steady influx of residents boosts consumption across real estate, telecom, retail and hospitality, supporting sustainable economic growth,' said Maurice Gravier, group chief investment officer, Emirates NBD Research. He added that the UAE's growing working-age population will be one of the main economic growth drivers and prosperity in the country. According to Emirates NBD Research, Dubai's GDP grew 3.1 per cent in the first 9 months of 2024 as the total level of real GDP reached Dh339 billion, up from Dh329 billion estimated for the first 9 months of 2023. According to the Global Investment Outlook 2025, the UAE is witnessing 'a growing affluent expat population' which accounts for a major portion of Dubai and UAE's population.
Khaleej Times
17-02-2025
- Business
- Khaleej Times
UAE's growing workforce to fuel economic prosperity, drive 5% GDP growth in 2025
UAE's growing working-age population will be one of the main drivers of economic growth and prosperity in the country, a senior economist said. While speaking during the annual media briefing in Dubai on Monday, Maurice Gravier, group chief investment officer at Emirates NBD, said the UAE population, especially working age, is growing as more and more people flock to work here. 'Working-age population growth is a driver of prosperity because, at the end of the day, it improves productivity. The good news is that in some countries, the working-age population grows, but there is no productivity. But here in the UAE, you have a growing population with many more qualified people coming here. We have productivity gains because there is capital and there is access to technology here as well. So they work together,' Gravier told Khaleej Times in an interview on the sidelines of the annual Global Investment Outlook 2025 report. As the UAE economy bounced and grew exponentially in the post-pandemic period, it attracted many talented individuals and professionals from around the world in various fields, such as banking and finance, IT, HR, legal, travel and tourism, real estate, and others. The UAE's population has grown exceptionally in the past four years, reaching an all-time high of 11.22 million in 2025, according to Worldometer. According to Global Media Insights, people aged 25-54 account for over two-thirds (68.6 per cent) of the UAE's population, which accounts for a lion's share of the country's workforce. In addition, 9.14 per cent of UAE's population is aged 15 to 24. Emirates NBD Research has projected an overall five per cent UAE GDP growth for 2025, the highest among all the neighbouring Gulf Cooperation Council (GCC) countries. Both oil and non-oil sectors are projected to expand 5 per cent this year, it said. According to Emirates NBD's CIO Global Investment Outlook 2025, the outlook for the GCC's non-oil economy remains fairly robust and with a growth forecast of 4.3 per cent this year, up from an estimated 4.0 per cent for 2024. 'Once again, this will be driven by the UAE and Saudi Arabia where we forecast growth of 5.0 per cent and 4.5 per cent, respectively. Both countries are benefitting from rowing populations, strong levels of project developments from both the public and private sectors, expanding tourism industries, and growth of the nascent tech industries,' it said. Gravier noted that the UAE is the financial and technology hub for this entire region and it is strongly embracing artificial intelligence (AI) technology which the country will be 'in a wonderful position' over the next 10 years.
