Sheikh Mohammed approves 2024 - 2026 budget with Dhs246.6 billion spending
The city’s three-year financial plan ‘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…’
H.H Sheikh Mohammed bin Rashid Al Maktoum Vice President of the UAE and Ruler of Dubai has approved the Dubai Government budget for the next three years, outlining expenditures for the fiscal cycle of 2024 – 2026 at Dhs246.6 billion.
Within that, the general budget for 2024 has estimated expenditures of Dhs79.1 billion. The Dubai Government spending is reflective of the city’s economic recovery and ambitious plan to further the objectives of both the Dubai Strategic Plan 2030 and Dubai Economic Agenda ‘D33.’
. @HHShkMohd approves the Government of Dubai’s general budget for the fiscal cycle of 2024-2026, with total expenditures of AED246.6 billion.https://t.co/XcP0pPV8RE pic.twitter.com/sWhsYL4Klr
— Dubai Media Office (@DXBMediaOffice) November 6, 2023
Through the budget, the Dubai government plans to continue to stimulate entrepreneurship, attract foreign investment and promote social welfare. The spending plan will invest in key fields such as space research, digitisation and artificial intelligence. The 2024 expenditure will also allocate budget to government work development, scientific research and global competitiveness enhancement.
“[The budget will] support our efforts to nurture homegrown entrepreneurship and create a high-growth environment for all sectors.” comments H.H Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council. “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.”
Projected revenue in 2024
The government forecasts public revenues of Dhs90.6 billion in 2024, in response to the city’s strong post-pandemic recovery. Of this, Dhs85.1 billion had been allocated to the budget, and Dhs5.5 billion to the general reserve.
Projected expenditure
Of the Dhs79.1 billion in expenditures, the government allocates 26 per cent to salaries and wages, 24 per cent to general and administrative expenditures and 23 per cent to grants and government support. A further 8 per cent will be allocated to construction projects, and another 8 per cent will be allocated to a special reserve that could be used if required in any situation that may result from global crises.
Sectoral distribution of expenditures in 2024
The government spend will be divided as necessary across several sectors, including 34 per cent to social development which covers education, health, sports development and caring for those in need. The security, justice and safety sector will receive 19 per cent of the total expenditure, and 42 per cent will be spent on infrastructure, including roads, tunnels, bridges, transportation, sewage stations, parks, renewable energy sources and waste treatment facilities. Five per cent is allocated to developing performance across the public sector.