UAE Business: Dubai unveils $56bn budget for 2023-25; big spend on housing – Gulf Digital News

UAE Business: Dubai unveils $56bn budget for 2023-25; big spend on housing – Gulf Digital News

In his capacity as Dubai ruler, HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has approved the emirate's general budget for the fiscal cycle of 2023-2025, with total expenditures of AED205 billion ($56 billion).

The budget meets Dubai’s aspirations and confirms its determination to continue developing and stimulating entrepreneurship, attracting more foreign investment, promoting social welfare and consolidating the emirate's position as a land of opportunity and innovation, reported Wam.

The financial plan for the next three years (2023-2025) shows the government's commitment to providing the highest economic stability and stimulating growth across the emirate’s business sectors. The plan also gives a clear picture of the government's economic goals during this period, and supports medium-term planning for various economic sectors, stated the report.

The government’s total expenditures for the 2023 fiscal year are estimated at AED67.5 billion, which reflects Dubai's economic recovery and boosts its ambitions to stimulate the macro-economy and support the objectives of the Dubai Strategic Plan 2030 it added.

In its 2023 budget, Dubai continues to focus on social services and the development of the health, education and culture sectors.

The budget also places high priority on the housing sector through Dubai’s Housing Programme as