UAE Press: Dubai budget aligns short and medium fiscal goals

UAE Press: Dubai budget aligns short and medium fiscal goals

ABU DHABI, 4th January, 2022 (WAM) -- The Government of Dubai on Sunday approved AED181 billion ($49 billion) three-year budget for fiscal years 2022-2024, taking a long-term view on financial and strategic planning for the emirate’s economy.

Within the three-year fiscal plan, the government has unveiled a AED60 billion spending plan for the year 2022 with government revenues estimated at AED57.5 billion. "Although the budget envisages a small deficit in the first year of the three-year fiscal framework, towards the end of the term, the plan sees balancing of both revenue and expenditure," Gulf News wrote in its editorial.

"Dubai’s economy has been on a fast recovery path from early 2021, thanks to the proactive government support, boost from Expo 2020-related projects and strong revival in key sectors such as travel, tourism and real estate. The government’s accelerated spending plan for the next three years is a clear affirmation of its commitment to economic revival," the paper added.

The fiscal planning, rooted in realistic revenue and expenditure expectations, has allocated 42 per cent of total expenditure for the current year towards infrastructure and transportation sectors, while 30 per cent has been set aside for social development. The budget envisages 57 per