Recent earnings reports released by various companies and government institutions linked to Dubai show positive results for 2025, indicating strong performance in the local non-oil private sector. This trend is consistent with monthly Purchasing Managers’ Index surveys and quarterly GDP results, as noted in a recent report by Emirates NBD Bank.
The bank highlighted that consumer-related companies have particularly excelled, benefiting from rapid population growth and the resilience of the tourism sector, which saw a 5% increase in visitor numbers last year.
Furthermore, annual results reaffirm the bank’s projection for Dubai’s economy to grow by 4.5% in 2025. It anticipates that this momentum will continue into 2026, with similar growth expected this year.
Dubai Electricity and Water Authority (DEWA) announced its 2025 results on February 10, showcasing a 6% rise in annual revenue, reaching AED 32.84 billion, and a 25.7% increase in profits to AED 9.09 billion.
DEWA explained that this revenue growth was primarily driven by increased demand for electricity, water, and cooling services, which coincided with a 4.5% uptick in customer accounts, totaling 1.33 million, an increase of 56,897 accounts compared to 2024.
Population growth has been a key factor propelling economic expansion in Dubai in recent years. The official aim to reach 5.8 million residents by 2040, as outlined in the Dubai Urban Master Plan 2040, suggests ongoing demographic growth.
Expenditure on projects, including in the energy sector, has also been a major growth engine. DEWA reported a 4.7% increase in installed capacity last year, with a significant shift towards clean energy; clean energy production rose by 52.4%, now accounting for 16.2% of total energy generated.
The UAE is targeting full clean energy deployment by 2050, with Dubai actively supporting this through its Clean Energy Strategy, positioning DEWA to contribute to growth for decades to come.
Empower
Similarly, results for 2025 from Emirates Central Cooling Systems Corporation (Empower) demonstrate continued population growth in Dubai, with revenue growing by 4.9% to AED 3.42 billion and net profit increasing by 10.5% to AED 1 billion.
By the end of 2025, Empower provided services to 1,747 buildings, marking a 7% rise compared to 2024. The company also recorded a 26% increase in new customer registrations, raising its customer base to 156,000.
As new projects come online and the construction sector remains one of the biggest drivers of growth in Dubai—growing 8.5% year-on-year during the first nine months of last year—demand for Empower’s services stays robust as it enters 2026.
New agreements for central cooling services have been signed for projects including The Island, Palm Gateway, and Uptown Dubai.
Salik
Salik, the operator of the toll gates in Dubai, reported a remarkable 35.1% increase in revenue last year, reaching AED 3.09 billion, compared to AED 2.29 billion in 2024.
Net profit also rose by 33.4% to AED 1.55 billion, up from AED 1.16 billion the previous year.
The company attributed its profit growth to multiple factors, including the opening of two new gates, the implementation of a variable pricing system, and increased economic activity that led to a rise in vehicle registrations and traffic volume.
While final figures for 2025 are still being finalized, preliminary results indicate that around 4.7 million active registered vehicles were recorded in the third quarter of 2025, representing a 9.3% increase from 4.3 million in the third quarter of 2024.
Spinneys
Spinneys, a supermarket chain based in Dubai with a broader regional presence, also had a positive 2025. Revenue surged by 13.1% to AED 3.6 billion, with profits climbing 14.5% to AED 332 million.
When it launched its initial public offering in 2024, Spinneys indicated strong expectations for population growth in the UAE, particularly among high-income residents, a trend it appears to be capitalizing on successfully.
According to GDP data, Dubai’s wholesale and retail sector increased by 4.6% year-on-year by the end of the third quarter of 2025. This sector is the largest component of Dubai’s economy, accounting for about 25% of the GDP, contributing nearly a quarter of the economic expansion reported during the first nine months of last year.