That works out at 33 people an hour and these figures don't include tourists who have now surpassed the 5 million per year mark. With the current population already topping 1.6 million it is anticipated that by 2010 there will be 2.2 million, with long term estimations of over 4 million residents by 2020.
There can be little doubt that Dubai is booming. 'To get some sort of visual perspective on the numbers involved and the overriding popularity of Dubai, it is perhaps easier to imagine the equivalent of the crowd of a premiership football match arriving every month,' said Oliver Hickey European Finance Director of Profile Europe (UK) Ltd, real estate and property consultants.
'Such an influx of foreign nationals is having the desired affect on Dubai and almost every industry is benefiting as more and more migrants stoke this thriving economy. With Dubai ideally positioned between East and West and vying to become the number one transit hub for world travellers, effectively knocking Singapore of its perch, its long term investment possibilities are superb with few other world destinations coming even close to Dubai,' he added.
The large developers are also confident. State owned Dubai Properties is set to almost double its real estate investment to $272.2 billion within the next five years. Mohamed Binbrek, CEO of Dubai Properties Group, said the company has 26 property plots still to be developed.
While Dubai remains the focus for the firm it is considering options for expansion overseas, including opening an office in India and looking at opportunities in Pakistan, Tunisia, Qatar, Uzbekistan, the Maldives and Madagascar.
Sailing is another growth area. Dubai is likely to be home to more than 20,000 new marina berths within the next five years, according to Island Global Yachting, the luxury marina developer and management company.
Dubai Airport Free Zone has attracted more than 1,425 companies and it continues to attract increasing investment into the country.
