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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as Ruler of Dubai, approved the emirate’s total budget for the 2023-2025 financial cycle, with total expenditure of AED 205 billion M ($56 billion).
According to reports, the budget is in line with Dubai’s aspirations and confirms its determination to continue to develop and stimulate entrepreneurship, attract more foreign investment, promote social welfare and strengthen the emirate’s position as a land of opportunity and innovation Wow.
The financial plan for the next three years (2023-2025) demonstrates the government’s commitment to provide the highest level of economic stability and stimulate growth in the emirate’s business sector. The plan also clearly delineates the government’s economic goals over the period and supports medium-term planning for various economic sectors, the report said.
The government’s total expenditure for FY2023 is estimated at AED67.5 billion, reflecting Dubai’s economic recovery and strengthening its ambitions to stimulate the macroeconomy and support the 2030 goals of its complementary Dubai Strategic Plan.
In its 2023 budget, Dubai continues to focus on social services and the development of the health, education and cultural sectors.
The budget has also given high priority to the housing sector through Dubai’s Housing Plan as part of its plan for the next 20 years. The budget also focuses on developing social welfare funds to support families, those of determination and those on limited income.
Abdulrahman Saleh Al Saleh, Director General of the Department of Finance (DoF), Government of Dubai, said the general budget cycle for the period 2023-2025 lays the groundwork to enhance fiscal sustainability and stimulate entrepreneurship in the emirate.
“It sends a strong pro-growth message to Dubai’s business sector and reflects the emirate’s focus on developing its financial plan each year in light of global developments,” Al Saleh said.
“The emirate seeks to provide economic incentives to attract investment, enhance the emirate’s competitiveness, and contribute to the implementation of the interests and objectives that form part of Dubai’s strategic plan for 2030 and beyond,” he noted.
He added that the 2023 Budget is within the framework of a comprehensive plan to implement the Dubai Strategic Plan 2030 to respond to changes brought about by inflation in the global economy.
The government of Dubai expects public revenue to reach AED69 billion, up 20 percent from FY2022, as the city recovers quickly from the aftermath of the global pandemic.
The UAE and Dubai are among the countries and cities recovering fastest from the global health crisis, as evidenced by an increase in tourist flows and high air traffic and economic activity rates in the emirate.
Oil revenues account for only about 5% of total revenue expected in 2023, confirming the emirate’s fiscal sustainability.
“The budget is a clear signal to the business community that Dubai is pursuing an expansionary fiscal policy, which should inspire confidence in the emirate’s economy and help attract more direct investment,” he added.
According to him, grants and social support spending accounted for 24% of the total spending in next year’s budget.
“General and administrative expenditures account for a similar percentage (24%), while the government has allocated 7% of total expenditure to construction projects,” Al Saleh noted.
“This sends a strong signal to the private sector that Dubai is determined to continue developing its infrastructure and implement more strategic development projects. This in turn strengthens the emirate’s ability to promote human development, provide greater support to citizens and residents and strengthen The capacity of the infrastructure,” he added.
34% of total government spending in the 2023 budget goes to the social development sector in the areas of health, education, scientific research, housing and care for needy families. Spending in this area increased by 4% over the 2022 budget, Wow Report.
Dubai’s growing infrastructure has had a major impact on the UAE’s global competitiveness. Infrastructure spending such as roads, tunnels, bridges, transport, sewage stations, parks, renewable energy and waste disposal facilities accounted for 41% of total spending.
The budget also demonstrates the government’s keenness to support small projects and entrepreneurship, and provide a nurturing environment for microenterprises, the report added.
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