Dubai approves $67bn budget to stimulate economic recovery

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Dubai government expects to achieve estimated public revenues of $24.71 billion.
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  • A total of 34% of total government expenditures of the 2024 budget goes to the social development sector in the areas of health, education, and scientific research
  • Spending on infrastructure, including roads, tunnels, bridges, transportation, sewage stations, parks, and renewable energy sources accounts for 42% of total spending

Dubai, UAE – Dubai government’s general budget for the fiscal cycle of 2024-2026 includes total expenditures of $67.16 billion (AED 246.6 billion), reflecting the emirate’s commitment to stimulate economic recovery and growth.

A total of 34% of total government expenditures of the 2024 budget goes to the social development sector in the areas of health, education, scientific research, housing, caring for needy families and for women and children, preparing youth, developing sports, and caring for senior citizens and retirees, as well as caring for people of determination.

Dubai government has allocated 19% of total expenditures to the security, justice and safety sector.

Spending on infrastructure, including roads, tunnels, bridges, transportation, sewage stations, parks, renewable energy sources and waste treatment facilities, accounts for 42% of total spending.

Break-up of the budget expenditure.

Salaries and wages constitute 26% of total government expenditures, and grants and government support expenditures constitute 23%, while 24% of total expenditures have been allocated to general and administrative expenditures.

The emirate has also allocated five per cent of total government spending to supporting the public services sector, government excellence, creativity, innovation and scientific research.

The budget which was approved by the emirate’s ruler Sheikh Mohammed bin Rashid Al Maktoum, aligns with the Dubai Strategic Plan 2030 and the Dubai Economic Agenda “D33.” The government’s vision is to foster exponential economic growth, double the city’s GDP, and propel it into the ranks of the world’s top three urban economies over the next decade while maintaining economic stability through prudent financial policies.

The financial plan for the next three years underlines a focus on developing entrepreneurship, attracting foreign investment, promoting social welfare, and supporting innovation in areas like space research, digitization, and artificial intelligence.

Dubai government expects to achieve estimated public revenues of $24.71 billion (AED 90.6 billion). AED 5.5 billion is allocated to the general reserve. The budget sends a positive message to the business community about Dubai’s expansionary financial policy, which contributes to attracting more direct investments.

The budget allocates funds to various sectors, including social development, security, infrastructure, and public services. Dubai’s government has maintained a disciplined financial policy with a special reserve to hedge against global crises and a debt service ratio that does not exceed seven percent of total expenditures.

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