Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, approved the 2022 to 2024 budget of the emirate that allocates Dh181 billion ($49.28bn) of expenditure, including Dh60bn set aside for this year.
The new budget supports the emirate’s efforts to stimulate its macro economy and goals of Dubai Strategic Plan 2030, the Dubai Media Office said on Sunday.
The budget reflects the “determination to accelerate post-pandemic economic recovery” and achieve the broader goal of boosting entrepreneurship, and consolidate Dubai’s position as a land of opportunities and innovation.
“The Dubai 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,” said Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.
The budget for the fiscal cycle of 2022 to 2024 reflects the “fundamental strengths and stable base of the emirate’s economy, supports the realisation of its future economic aspirations, in addition to placing the emirate at the forefront of worldwide efforts to promote recovery”, he said.
Government wages and salaries will account for 34 per cent of total spending in 2022, Sheikh Hamdan, who also heads the emirate’s Executive Council, said in a tweet on Sunday.
The emirate also allocated 24 per cent of expenditure to general and administrative expenses, 21 per cent to grants and government support, 4 per cent to capital expenditure while 6 per cent will go to debt servicing.
Dubai plans to spend 9 per cent of total expenditure in 2022 on infrastructure projects while 2 per cent will be kept as special reserves.