His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has given his approval to Dubai's budget for the period 2024-2026,
which is set at Dh246.6 billion in total expenditure. This momentous decision was announced on Monday by the Dubai Media Office, along with the approval of Law No. (20) Of 2023 for the general budget for the fiscal year 2024.
The Dubai government is aiming to achieve estimated public revenues of Dh90.6 billion in 2024, with Dh85.1 billion allocated to the budget and Dh5.5 billion set aside in the general reserve. The budget also earmarks Dh79.1 billion for expenditure in the upcoming year.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, emphasized the budget's alignment with Sheikh Mohammed's vision, noting its crucial role in doubling the city's GDP and positioning Dubai among the world's top three urban economies over the next decade. He also highlighted the budget's focus on key sectors vital to the emirate's transition towards dynamic growth driven by digital and knowledge-based innovation.
Sheikh Hamdan added, "The budget will support homegrown entrepreneurship and create a high-growth environment for all sectors. Its emphasis on financial sustainability, competitiveness, and transparency will enhance Dubai's appeal to global investors and businesses seeking new opportunities."
The financial plan for the next three years aims to stimulate entrepreneurship, attract foreign investment, promote social welfare, and solidify Dubai's position as a leading investment hub. It also supports investment in areas such as space research, digitization, and artificial intelligence, as announced by the Dubai Media Office.
Arif Abdulrahman Ahli, Executive Director of Planning and General Budget Sector at the Department of Finance, stated that an expected operating surplus of 16 percent of total revenues ensures Dubai's continued financial sustainability. The department also seeks to enhance government spending efficiency through the Unified and Green Procurement programs and partnerships with the private sector.
Jamal Hamed Al Marri, Executive Director of Central Accounts Sector, noted a 22 percent growth in smart collection via digital channels in 2022, thanks to the government's smart service fee collection program. This shift reduces reliance on cash collection and makes financial data more accessible, ultimately enhancing Dubai's competitiveness.
The Dubai government's commitment to disciplined financial policies has resulted in the establishment of a general reserve, expected to reach around Dh20.6 billion in annual revenues for the years 2024-2026. This commitment, along with the annual surpluses, contributes to Dubai's financial sustainability and strengthens its financial position.
DOF (Department of Finance) aims to achieve an operating surplus of up to 3.3 percent of Dubai's GDP during the 2024-2026 financial plan, establishing a strong foundation for the emirate's financial sustainability. Al Saleh, the DOF's Director General, emphasized their dedication to this goal. Photo by Cybaaudi, Wikimedia commons.
