Dubai government has approved a budget for 2022-24, which features an expenditure of AED181 billion, with around AED60 billion expenditures and AED57.55 billion in expected revenues for 2022.
In a tweet, Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said that the budget boosts the emirate’s efforts to stimulate the macroeconomy and supports the goals of Dubai Strategic Plan 2030 besides ‘placing the emirate at the forefront of worldwide efforts to promote recovery’.
He said the new budget also enhances private-public partnership.
“Enhancing citizens’ happiness and providing them the best services will remain the budget’s highest priorities,” Sheikh Mohammed said.
Sectorwise, economy, transportation and infrastructure account for 42 percent of the expected expenditure, followed by social development (30 percent), security, justice and safety (23 percent) and excellence, creativity and innovation (5 percent).
About 34 percent of expenditures have been allocated for general and administrative spending, followed by salaries and wages (24 percent) and grant and support (21 percent), construction and projects (9 percent), debt service ( 6 percent), capital expenditures (4 percent) and ‘special service’ (2 percent).
The bulk (57 percent) of the expected revenue for 2022 will come from ‘fees’, followed by VAT and excise tax (20 percent), customs fees (10 percent), foreign banks tax and return on government investments (6 percent each) and foreign banks tax (1 percent).