His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has approved the Government of Dubai’s general budget for the fiscal cycle of 2022-2024, with a total expenditure of AED181 billion (USD 50bn), WAM reports.
His Highness has also approved Law No. (28) for the General Budget for the fiscal Year 2022, with AED59.95 billion expenditure.
The budget cycle will support Dubai’s efforts to stimulate the macroeconomy and the objectives of the Dubai Strategic Plan 2030. The new general budget reflects the emirate’s determination to accelerate post-pandemic economic recovery and achieve the leadership’s broader goals to stimulate entrepreneurship, enhance society’s happiness 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 in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to enhance sustainable development and government performance. Dubai’s general budget for the fiscal cycle of 2022-2024, which 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.”
The three-year budget cycle focuses on increasing economic growth rates by activating the public-private partnership ecosystem and supporting the private sector to drive economic growth. It also addresses the social aspects of healthcare and education, as well as digital infrastructure development and financial sustainability programmes.