Sheikh Mohammed approves Dubai budget for 2024 to 2026 allocating $67.14bn of expenditure.
Budget proposes spending of $21.5bn for next year.
09 November 2023, 12:00 AM
30 November 2023, 12:00 AM
Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum approved a budget of 246.6 billion dirham ($67.14 billion) for the emirate's government in 2024-2026, the Dubai media office said on Monday.
Sheikh Mohammed also approved Law No. (20) of 2023 regarding the General Budget of the Dubai Government for the Fiscal Year 2024, with expenditures estimated at Dh79.1 billion, which reflects the emirate's economic recovery and boosts its ambitions to stimulate the macro-economy and support the objectives of the Dubai Strategic Plan 2030 development project as well as the Dubai Economic Agenda “D33”.
"The Department of Finance expects to achieve an operating surplus of up to 3.3% of Dubai’s GDP, during the 2024-2026 financial plan, in order to establish the foundations of the emirate’s financial sustainability," the media office quoted the department's director general, Saleh Al Saleh, as saying.
The emirate's government was committed to disciplined financial policies, Al Saleh said, adding that had led to the establishment of a general reserve from annual revenues that should reach around 20.6 billion dirham for the three years 2024-2026.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said: “The 2024-2026 budget charts a financial roadmap for accelerating our ambitions to foster exponential economic growth and consolidate Dubai’s position as a global economic powerhouse.
"The financial sustainability, competitiveness and transparency embedded in this budget will make Dubai even more appealing to investors and businesses from across the world seeking new opportunities. The new budget provides the perfect springboard for Dubai to realise its aspirations for building a resilient and prosperous tomorrow for the city and its people,” Sheikh Hamdan further said.