Dubai Approves $50Bln General Budget

Dubai Approves $50Bln General Budget

Dubai’s new general budget aims at stimulating the overall economy and supporting the objectives of the emirate’s Strategic Plan 2030. (WAM)

Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has approved the government of Dubai's general budget for the fiscal cycle of 2022-2024, with a total expenditure of AED181 billion ($49.2 billion).

He also approved a law for the general budget for the fiscal Year 2022, with AED59.95 billion expenditures ($16.3 billion).

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

“Dubai’s new general budget meets the emirate’s future ambitions in stimulating the macro economy, supporting the objectives of the Dubai Strategic Plan 2030 and renewing Dubai’s determination to move forward in leading global economic recovery efforts,” he added.

The three-year budget cycle focuses on increasing economic growth rates by activating the public-private partnership ecosystem and supporting the private sector to drive economic growth.

It also addresses the social aspects of healthcare and education, as well as digital infrastructure