(MENAFN- Khaleej Times)
Published: Thu 8 Dec 2022, 5:42 PM
Last updated: Thu 8 Dec 2022, 6:51 PM
Dubai's budget for 2023-2025 has been approved with a total expenditure of Dh205 billion. The emirate's 2023 budget proposes expenditures of Dh67.5bn and revenues of Dh69 billion, a surplus of Dh1.5 billion.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, approved the budget. And the details of the budget was announce on Twitter by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai.
“This budget reflects the emirate's financial sustainability, meets future aspirations, stimulates the economy, takes care of society, and consolidates Dubai's leading position in the world,” said Sheikh Hamdan.
“Dubai Government aims to serve citizens, support businesses and ensure availability of best services for everyone,” the Crown Prince said.
The new budget spending is higher than the 2022-2024 budget which stated a total expenditure of Dh181 billion.
Dubai economy's strategic and vital sectors such as real estate, aviation, travel and tourism, hospitality and trade are performing exceptionally strong after the pandemic. The latest World Travel and Tourism Council also projected that Dubai will be the largest recipient of tourist spending in 2022, totalling $29.4 billion (Dh108 billion).
Moreover, Dubai's travel and tourism, hospitality and aviation sectors are also set to get a major fillip from the ongoing Fifa World Cup in Qatar.
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For the 2023-2025 budget, the top goals are meeting future aspirations, entrepreneurship stimulation, attracting foreign investment, community happiness and solidifying the emirate's position as a land of opportunities and innovation.
The budget would also focus on social development, digital infrastructure development, enhancing public-private partnerships, infrastructure and health and education ecosystem development.
In terms of budget allocations, 41 per cent would be spent on the economy, infrastructure and transportation sector; 34 per cent on social development; 20 per cent for the security, justice and safety sector; and five per cent on government excellence, creativity and innovation sector.