Budget includes expenditure of AED59.95bn for 2022, and the new budget will boost Dubai’s efforts to stimulate the macro economy
Dubai’s AED181 billion ($49bn) budget for fiscal years 2022-2024 was approved on Sunday by ruler Sheikh Mohammed bin Rashid Al Maktoum, Dubai’s deputy ruler said in a tweet.
The budget includes expenditure of AED59.95bn for 2022, and the new budget will boost Dubai’s efforts to stimulate the macro economy, the tweet said.
The government allocated 42 percent of total expenditure for this year towards infrastructure and transportation sectors, while 30 percent was set aside for social development. It expects 57 percent of revenue to come from fees and 20 percent from value-added and customs taxes.
Revenues for 2022 are expected to be AED57.5bn, and by 2023, revenues are set to climb to approximately AED59bn, while expenditure will climb to just over AED60bn. By 2024, expenditure and revenue are expected to equalise at AED61bn. The budget was passed as the city continues to recover from the economic fallout from the Covid-19 pandemic.
The Dubai 2022-2024 budget supports the goals of Dubai Strategic Plan 2030 and enhances public-private partnerships, the tweet said.
The Dubai Strategic Plan 2030, an extension of the Dubai Plan 2021, was approved last March to “create the framework for fresh projects and initiatives that will consolidate the emirate’s sustainable development and its global leadership in various sectors”, a statement at the time said.
The budget is passed as Dubai is working to actively diversify its economy and has increased its tourism offerings to draw visitors to the emirate.
Currently the city is hosting Expo 2020 Dubai, a six-month mega event that is expected to draw millions to the emirate.
“Dubai’s business conditions saw the sharpest improvement in two years in October, spurred by a rebound in new orders and increased tourism as Expo 2020 got under way,” Bloomberg reported.
Source: Arabian Business