Dubai Government approves Dhs246.6bn budget for 2024-2026

Dubai Government approves Dhs246.6bn budget for 2024-2026

Image courtesy: Government of Dubai Media Office

The Dubai Government has approved a budget of Dhs246.6bn up until 2026 and focused most of the expenditures on economic growth, social benefits and development, according to the Government of Dubai Media Office.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai also approved Law No. 20 of 2023 for the general budget for the fiscal year 2024.

The expenditure for the fiscal year 2024 alone is estimated at Dhs79.1bn, as the emirate seeks to accelerate economic growth, support the objectives of D33 and consolidate its position as a global economic powerhouse.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council said the 2024-2026 budget reflects the city’s commitment to balance the highest growth ambitions with economic stability, underpinned by prudent financial policies.

Dubai allocated 34 per cent of the total expenditure of the 2024 budget toward the social development sector, which includes health, education, scientific research and housing, while 42 per cent was set aside for infrastructure and transportation sectors.

The emirate, with its diversified trade and tourism economy, is expected to achieve public revenues of Dhs90.6bn, of which Dhs85.1bn