“Under the Dubai Urban Masterplan, the city’s population is forecast to grow from 3.4 million in 2020 to 5.8 million by 2040, underpinning the residential sector’s expansion. In addition, around 8.2 million sq ft of office space is under construction and is due to be delivered by 2028, but our estimate is that demand is likely to exceed supply, further supporting momentum in the construction sector.”