Demand for electricity reached 53,180 GWh last year, compared with 50,401 in year 2021, the Dubai Electricity and Water Authority said in a statement on 25th January.

The rise in demand reflects the strong performance of all economic sectors in Dubai, in addition to the continuous growth in population and the expansion in key activities, Saeed Al Tayer, CEO of Dewa, said.

“We continue to raise the production capacity of electricity and water as well as increase the capacity and efficiency of the transmission and distribution networks,” said Mr Al Tayer.

“This is to keep pace with the growing demand for electricity and water as well as the future needs of customers, developers and businesses, while providing a convenient margin.”

Dubai's economy expanded by 4.6 per cent on annual basis in the first nine months of last year, with wholesale and retail trade accounting for 24.1% of its gross domestic product (GDP), according to the Dubai Statistics Centre data.

Business activity in the Dubai's non-oil private sector economy remained strong in December, boosted by a sharp increase in output as new orders climbed.

The emirate's seasonally-adjusted S&P Global purchasing managers' index reading in December edged higher to 55.2 from 54.9 in November, above the neutral 50 mark separating expansion from contraction.

Dubai has earmarked Dh40 billion ($10.9 billion) for investments in electricity and water projects over the next 5 years, which will focus on renewables, clean energy, electricity and water transmission, and distribution networks, to meet growing demand.

Dewa, the 1st Dubai entity to go public among the 10 state enterprises the government aims to list on the Dubai Financial Market, reported a 10% jump in 3rd quarter net profit last year as revenue rose amid increased power demand.

Net profit attributable to the owners of the company for the 3 month period to the end of September climbed to Dh3.17 billion. Revenue for the July-September period rose by 15% to Dh8.56 billion.