Dubai’s 3-year budget to boost post-pandemic economic recovery – News

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Sheikh Mohammed bin Rashid Al Maktoum approved the emirate’s spending of 181 billion dirhams



Posted: Sun Jan 2, 2022, 4:37 PM

Dubai’s budget of 181 billion dirhams for 2022-24 approved on Sunday will help accelerate the post-Covid economic recovery. This will help boost entrepreneurship, “improve the happiness of society and consolidate Dubai’s position as a land of opportunity and innovation,” the government said on Sunday.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, also approved the general budget for fiscal year 2022, with expenditure of 59.95 billion dirhams.

The budget cycle will support Dubai’s efforts to ‘boost the macroeconomics’.

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Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, said: “The Government of Dubai continues to consolidate the emirate’s position as a leading global trade hub and increase its international competitiveness by creating new growth opportunities for sectors.

“Dubai’s general budget for fiscal year 2022-2024, which reflects the fundamental strengths and stable base of the emirate’s economy, supports the achievement of its future economic aspirations, in addition to placing the emirate at at the forefront of global efforts to promote recovery. “

The three-year budget cycle focuses on increasing economic growth rates by activating the public-private partnership ecosystem. It also discusses the social aspects of healthcare and education, as well as digital infrastructure development and financial sustainability programs.

Lodging

The budget brings the value of citizens’ housing loans to 1 million dirhams. It allocates more than 4,000 land and houses with a total value of Dh 5.2 billion in the first phase of the housing program for the citizens of Dubai as part of a larger program of Dh 65 billion out of 20 year.

The budget also emphasizes the development of the Social Benefits Fund by supporting families and individuals.

Operating surplus

Abdulrahman Saleh Al Saleh, Director General of the Department of Finance (DoF), Government of Dubai, said the adoption of disciplined financial policies led to an operating surplus of 1.8 billion dirhams, or about 3% of total expected revenues.

“This will contribute to the development of the emirate’s infrastructure programs and consolidate its policy of financial sustainability,” he said.

Anticipated public revenue

The 2022 budget projects to reach estimated revenues of 57.55 billion dirhams, a 10 percent increase from last year.

Dubai is one of the first cities in the world to experience a rapid recovery thanks to government-approved economic stimulus measures that cut some government fees for businesses and froze fee increases until 2023.

These revenues are based on ongoing operations and do not depend on oil.

“Oil revenues represent 6% of total projected revenues for fiscal year 2022, which creates the conditions for better financial sustainability. Non-tax revenues, which come from royalties, represent 57% of the total expected revenues. revenues represent 31% and government investments represent 6% of total expected revenues, ”the government said.

Planned public expenditure

Salaries and salary allowances in the 2022 budget represent 34% of total state expenditure, in line with the requirements of the new human resources law. Grants and social assistance spending account for 21 percent of all spending, to meet the demands of human and community development and to provide public services to residents.

The government has allocated an amount of 5.2 billion dirhams for construction projects.

It also earmarked nine percent of total spending to maintain the volume of infrastructure investment.

Two percent of total spending is allocated to the private reserve to support emergency preparedness programs, while public debt accounts for six percent.

Sector breakdown

Public expenditure in the social development sector in the areas of health, education, housing and care of women and children; as well as the development of reading and coding initiatives; and supporting athletes and individuals, accounts for 30 percent of total spending.

The government’s concern for security, justice and safety sees 23 percent of total spending allocated to promoting increased efficiency in the sector.

Dubai’s concern to develop its infrastructure and transport, in addition to hosting Expo 2020 Dubai, led to an allocation of 42% of total spending to the sector.

Dubai has also allocated five percent of total government spending to develop performance and instill a culture of excellence.


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