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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.
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.
H.H. 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 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.
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 programme for citizens in Dubai within a broader 20-year programme 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.
Abdulrahman Saleh Al Saleh, Director-General of the Department of Finance of the Government of Dubai (DoF), affirmed the government’s commitment to continue its development efforts through the general budget cycle for the fiscal years 2022-2024, further raising financial sustainability and stimulating the growth of entrepreneurship in Dubai.
"Dubai government is eager to develop its financial plan annually to provide economic incentives that will have an impact on attracting more investments, improve the emirate's competitive position and achieve the goals of the Dubai Strategic Plan 2030. The 2022 budget strengthens recovery efforts and acts as a starting point within an integrated scheme of the 2030 plan. It also seeks to achieve the vision of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, who has issued directives to increase government support for families and people of determination, develop government work and increase institutional agility," said Al Saleh.
He also affirmed the Dubai government’s commitment to the directives of H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, in terms of adopting disciplined financial policies, leading to an operating surplus of AED1.8 billion, which represents three percent of the expected total revenue. This will contribute to the development of the emirate's infrastructure programmes and consolidate the emirate's financial sustainability policy.
Arif Abdulrahman Ahli, Executive Director of Planning & Budget Sector at DoF, said, "The Dubai government’s medium-term financial planning methodology and the announcement of a three-year financial plan exemplifies the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, and the directives of H.H. the Crown Prince of Dubai and Chairman of The Executive Council, and H.H. the Deputy Ruler of Dubai."
"The 2022 budget responds to the requirements of the Dubai Strategic Plan 2030 and is a transparent expression of the emirate's stable financial position. It also reflects disciplined financial policies based on international best practices. Achieving an operating surplus of 3 percent of total government revenues is an indication of the financial sustainability that the department is keen to ensure," Ahli explained.
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