KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Since the pandemic, Dubai has experienced a population surge, attracting around 400,000 new residents as expatriates flood in for high-paying jobs in the Middle Eastern business hub. The city’s population has now reached 3.8 million and is projected to hit 5.8 million by 2040, drawing comparisons to global financial centers like Singapore.
While this influx has bolstered Dubai’s economy and contributed to the emirate’s position as one of the top-performing markets globally, it has also exposed the limitations of its infrastructure. The arrival of wealthy expats, such as traders, lawyers, and bankers, has pushed up property prices and rents, with home values rising for 16 consecutive quarters. Rents for single-family villas have soared by 86% since the pandemic began, and competition for school admissions has intensified.
Although Dubai’s public transport remains relatively limited, and roads are frequently congested, it still performs better than cities like London or New York in terms of time lost in rush hour traffic. Nevertheless, Dubai's leaders are preparing for continued growth, launching projects like a $5 billion metro expansion and an $8.2 billion drainage network to handle future challenges, such as flooding and growing urbanization.
The city’s financial district is experiencing unprecedented growth, with the Dubai International Financial Center (DIFC) seeing a 70% rise in workers over the past five years. Despite the rapid growth, expats priced out of Dubai are increasingly looking to Sharjah for housing, leading to longer commutes and more traffic congestion.
Tourism is also booming, with 10.6 million visitors arriving in the first seven months of 2024. The city's airport is expected to handle 91.8 million passengers by the end of the year, further cementing Dubai’s position as a global aviation hub.
While authorities are investing in infrastructure to accommodate this growth, challenges like housing affordability, traffic congestion, and school capacity remain pressing issues. The city’s 2040 urban master plan aims to make Dubai a top-three global city by improving education, healthcare, and social services, ensuring that the emirate remains an attractive destination for residents and businesses alike.
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