In his capacity as Ruler of Dubai, 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, in addition to 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 macro economy 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.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said: "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, Vice President and Prime Minister of the UAE and Ruler of Dubai 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 realization 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 programs.
Through its 2022 budget, Dubai continues to place a high emphasis on developing social services, and its healthcare, education and cultural sectors. The budget also pays attention to citizens’ housing sector by raising the value of the housing loan to AED1 million and allocating more than 4,000 plots and houses with a total value of AED5.2 billion in the first phase of the housing program for citizens in Dubai within a broader 20-year program of AED65 billion. The budget also focuses on developing the Social Benefits Fund by supporting families and people of determination, which is set to consolidate Dubai's position as one of the best cities in the world to live and work in.
The government has allocated an amount of AED5.2 billion for construction projects, despite the completion of Expo-related projects, the activation of the Public-Private Partnership Law and the development of project financing mechanisms in the Dubai government through long-term financing.
The government has also allocated nine percent of the total expenditure to maintain the volume of investments in infrastructure, in line with Dubai's aspirations to be the world’s most preferred destination to live in.
Source: Mohammed bin Rashid approves Dubai Government's General Budget Cycle for 2022-2024 with AED181 billion expenditure (mediaoffice.ae)