Thursday 14 November 2024
 
»
 
»
$74bn SPENDING SEEN

Dubai approves largest ever surplus three-year budget

DUBAI, 15 days ago

Dubai government's three-year budget cycle (for 2025-2027) has been approved with a total expenditure of AED272 billion ($74.05 billion) and a total revenue of AED302 billion ($82.22 billion). 
 
This budget cycle, the largest in the emirate’s history, aligns with future ambitions to promote sustainable economic growth, enhance community well-being, and solidify Dubai's reputation as a land of opportunity and innovation, said a Wam news agency report.
 
The budget was approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
 
Estimated expenditures for the fiscal year 2025 are AED86.26 billion, with revenues projected at AED97.66 billion. The budget also includes a general reserve of AED5 billion in revenues, underscoring the emirate’s commitment to supporting development projects, stimulating the overall economy, and achieving the ambitious goals of the Dubai Plan 2030, the Dubai Economic Agenda D33, and the Quality-of-Life Strategy 2033.
 
In the 2025 budget, Dubai remains focused on enhancing social services and improving the quality of life in key sectors such as health, education, culture, and infrastructure. This commitment is evident in strategies like the Education Strategy 2033 and the Dubai Social Agenda 33. Reflecting Dubai’s forward-thinking approach to sustainable development across all social segments, the 2025-2027 budget cycle aims to realise the inspiring vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to establish Dubai as a global benchmark for true well-being, the report said.
 
Abdulrahman Saleh Al Saleh, Director-General of Dubai Finance (DF), stated: “Dubai Finance is committed to achieving the government's financial sustainability, enhancing competitiveness and transparency, and boosting the emirate’s attractiveness for investment. Our financial plans are designed to be both flexible and scalable.”
 
The 2025 budget has allocated 30 per cent of total government expenditures to the social development sector. This encompasses health, education, scientific research, housing, and support for needy families, women, and children. It also includes investments in youth and sports, and care for the elderly, retirees, and people of determination, aligning with the goals of the Dubai Social Agenda 33 and the Education Strategy 2033.
 
On the other hand, significant attention has been given to the security, justice, and safety sector, with 18 percent of total expenditures dedicated to its support and development. This sector remains one of the most critical in the emirate.
 
Expenditures approved in the 2025 budget for the infrastructure sector and its related construction projects account for 46 percent of the government’s total spending. These projects encompass roads, tunnels, bridges, transportation systems, sewage stations, parks, renewable energy facilities, and the rainwater drainage network development plan. This also includes the recently announced Al Maktoum Airport development project and other initiatives supporting quality of life and promoting smart and sustainable transportation strategies in Dubai.
 
Additionally, the emirate has allocated 6 percent of total government spending to support the public services sector, government excellence, creativity, innovation, and scientific research. This investment aims to enhance performance and cultivate a culture of excellence, innovation, and creativity.
 
Aref Abdulrahman Ahli, Executive Director of the Planning & General Budget Sector at DF, stated: “The vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, supported by the directives of HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, has been a driving force for sound financial planning. Thanks to their guidance, we were able to develop an unprecedented three-year financial plan, the largest in the history of the emirate.”
 
“The 2025 fiscal year budget not only meets the requirements of the Dubai Strategic Plan 2030 and beyond, but also showcases the emirate’s stable financial position. This stability has been driven by disciplined financial policies rooted in best practices, which have contributed to achieving an operating surplus of 21 percent of total government revenues, ensuring the desired financial sustainability for the emirate,” he added.
 
Ahmad Ali Meftah, Acting Executive Director of the Central Accounts Sector at DF, said, “The three-year budget cycle for 2025-2027 has been meticulously designed to support Dubai’s digitalisation strategy. This includes digitising government fee payment channels to streamline customer transactions and enhance their satisfaction. We have launched the Smart Installment System for government fees and are piloting the Biometric Payment System for faceprint and palmprint, in collaboration with several government entities.”
 
“Smart collection of government fees via digital channels has significantly increased, with 97 percent of transactions across various government entities in Dubai being digital in 2023. Our Dubai Cashless Strategy, announced recently by the Government of Dubai, aims to achieve 90 percent cashless transactions in both public and private sectors by 2026,” Ahmad Meftah added.



Tags: Dubai | Budget | Spending |

More Finance & Capital Market Stories


Markets

calendarCalendar of Events

Partners

4580

Ads

Buy high quality China wholesale Health & Beauty , Electronics, Sports & Outdoors , Computers, Video Games, Toys & Hobbies Cell Phones, Automobiles and other wholesale products directly from reliable Chinese wholesalers or Factories on DHgate.com