Dubai: Strong corporate results reaffirm positive GDP expectations

• Strong 2025 earnings across Dubai corporates signal a robust non‑oil economy, supporting our estimate of 4.5% growth with similar momentum expected in 2026.
• Population growth, tourism and construction are driving demand, benefiting utilities, district cooling, toll roads and consumer retail.
• Investment in infrastructure and clean energy is reinforcing long‑term growth, with transport activity and consumer spending remaining resilient.

A number of positive 2025 earnings results announced for Dubai-based GREs and corporates over the past week point to a robust performance in the local non-oil private sector, a trend we have also observed in both the monthly PMI surveys, and the quarterly GDP results. Consumer-facing companies have performed particularly well, exposed to the rapidly expanding population and the resilient growth seen in the tourism sector, which saw visitors up 5% last year. The annual results have reaffirmed our estimate of 4.5% growth in Dubai in 2025, and we expect this momentum to be maintained in 2026, forecasting a similar pace of growth this year.

DEWA

The Dubai Electricity and Water Authority (DEWA) announced its 2025 results on 10 February, with highlights including a 6.0% rise in annual revenue (to AED 32.84bn) and a 25.7% rise in profit to AED 9.09bn. The rise in revenue was ‘primarily driven by rising demand for electricity, water, and cooling services.’ This came on the back of a 4.5% rise in customer accounts to 1.33mn, up 56,897 compared to 2024. Population growth is one of the factors that has been driving Dubai’s economic expansion in recent years and while base effects mean that the pace will likely slow, the official target of 5.8mn inhabitants by 2040, as laid out in the Dubai 2040 Urban Plan, points towards a continued expansion...

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