(Web Desk) - Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Monday, approved Dubai's general budget for the fiscal cycle of 2024-2026, with total expenditures of Dh246.6 billion.
Sheikh Mohammed also approved Law No. (20) of 2023 regarding the General Budget of the Dubai Government for the Fiscal Year 2024, with expenditures estimated at Dh79.1 billion, which reflects the emirate's economic recovery and boosts its ambitions to stimulate the macro-economy and support the objectives of the Dubai Strategic Plan 2030 development project as well as the Dubai Economic Agenda “D33”.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said: “The 2024-2026 budget charts a financial roadmap for accelerating our ambitions to foster exponential economic growth and consolidate Dubai’s position as a global economic powerhouse.
"Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the new budget will play an instrumental role in achieving our goals to double the city’s GDP and propel it into the ranks of the world's top three urban economies over the next decade.
At the same time, the budget reflects our commitment to harmoniously balance the highest growth ambitions with economic stability, underpinned by prudent financial policies.
“Reflecting the leadership’s progressive vision, the budget emphasises support for key sectors that are vital to the future and the emirate’s transition into a new phase of dynamic growth driven by digital and knowledge-based innovation.
It will also support our efforts to nurture homegrown entrepreneurship and create a high-growth environment for all sectors.
"Furthermore, the financial sustainability, competitiveness and transparency embedded in this budget will make Dubai even more appealing to investors and businesses from across the world seeking new opportunities.
The new budget provides the perfect springboard for Dubai to realise its aspirations for building a resilient and prosperous tomorrow for the city and its people,” Sheikh Hamdan further said.
The financial plan for the next three years (2024-2026) confirms Dubai's determination to continue developing and stimulating entrepreneurship, attracting more foreign investment, promoting social welfare and consolidating the emirate's position as a land of opportunity and innovation.
It also demonstrates Dubai's vision for the future by supporting fields like space research, digitisation and artificial intelligence.
Abdulrahman Saleh Al Saleh, Director General of the Department of Finance (DOF) for the Government of Dubai, said: “The announced budget cycle represents a flexible and developable financial plan that will achieve financial sustainability for the government and increase competitiveness and transparency, which in turn will advance Dubai’s attractiveness for foreign investments.”
“The budget for the fiscal year 2024, which was approved with total expenditures of Dh79.1 billion, meets the requirements of the objectives of both Dubai Strategic Plan 2030 and Dubai Economic Agenda D33.
It also works to achieve the vision of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, who directed us to increase government support for the sectors of social development, citizen housing, government work development, government digitalisation, scientific research, institutional agility, and global competitiveness enhancement,” added Al Saleh.
DOF’s Director General also affirmed the Dubai government's commitment to implementing the directives of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE, to adopt disciplined financial policies.
“This has led to the establishment of a general reserve from annual revenues that is set to reach around Dh20.6 billion as planned for the three years 2024-2026.
This is in addition to what is decided by Dubai’s Supreme Fiscal Committee chaired by Sheikh Ahmed bin Saeed Al Maktoum, in terms of reserving annual surpluses, which contribute to achieving financial sustainability and enhance the financial position of the emirate,” Al Saleh said.