Sheikh Mohammed approves Dubai budget for 2023 to 2025, allocating $55.8bn of expenditure.
08 December 2022, 12:00 AM
31 January 2023, 12:00 AM
Dubai’s budget for 2023-2025 has been approved with a total expenditure of Dh205 billion. The emirate’s 2023 budget proposes expenditures of Dh67.5bn and revenues of Dh69 billion, a surplus of Dh1.5 billion.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, approved the budget. And the details of the budget was announce on Twitter by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai.
The emirate has earmarked Dh67.5 billion for spending next year alone as it continues to drive growth momentum, expand its economic base and meet goals of Dubai Strategic Plan 2030, the Dubai Media Office said on Thursday.
The emirate expects to achieve a public revenue of Dh69 billion next year, nearly 20 per cent up from the budget for this year's fiscal year.
Oil revenue represents only about 5 per cent of the total expected revenue for next year, underlining the financial sustainability and diversification of the emirate.
“This budget reflects Dubai’s commitment to meet the city’s future aspirations locally and globally,” Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, said on Twitter.
“Dubai's 2023 budget proposes expenditures of Dh67.5 billion and revenues of Dh69 billion. Dubai government aims to serve citizens, support businesses and ensure availability of best services for everyone.”
Dubai’s economy, which bounced back strongly from the slowdown caused by the Covid-19 pandemic, has picked up further momentum this year, driven by economic activity around Expo 2020 Dubai and robust performance of its property and tourism sectors.
Dubai economy’s strategic and vital sectors such as real estate, aviation, travel and tourism, hospitality and trade are performing exceptionally strong after the pandemic. The latest World Travel and Tourism Council also projected that Dubai will be the largest recipient of tourist spending in 2022, totalling $29.4 billion (Dh108 billion).
Moreover, Dubai’s travel and tourism, hospitality and aviation sectors are also set to get a major fillip from the ongoing Fifa World Cup in Qatar.
In terms of budget allocations, 41 per cent would be spent on the economy, infrastructure and transportation sector; 34 per cent on social development; 20 per cent for the security, justice and safety sector; and five per cent on government excellence, creativity and innovation sector.