Dubai: In Dubai’s largest public budget ever, the emirate saw a marked increase in spending, primarily on infrastructure, while achieving an operating surplus of Dh2.5 billion.
In his capacity as the Ruler of Dubai, Vice President and Prime Minister of the UAE, His Highness Shaikh Mohammad Bin Rashid Al Maktoum approved the Government of Dubai’s 2018 General Budget Law No (21) for the year 2017 on Sunday, with a total of Dh56.6 billion earmarked for expenditure.
Featuring a 19.5 per cent year-on-year increase, the budget for the fiscal year 2018 comes in line with the Dubai Strategic Plan 2021’s targets.
The budget features a rise in infrastructure spending, which makes up 21 per cent of the total government expenditure. According to a statement from Dubai’s media office, this reflects the directives of Shaikh Mohammad to raise infrastructure efficiency in Dubai.
“Over the coming years, Dubai Government actively seeks to improve public budget performance continuously, in order to achieve financial sustainability, fulfil the emirate’s commitments, and realise the strategic objectives of Dubai 2021 Plan,” said Abdul Rahman Saleh Al Saleh, Director General, Dubai Government’s Department of Finance (DOF).
The 2018 budget has also shown the importance that the government gives to social services, including health care, education, culture and housing.
Despite this increase in spending, the government has managed to achieve financial sustainability by achieving an operating surplus of Dh2.5 billion, illustrating the breadth of the financial solvency of Dubai.
In line with Dubai’s efforts to reduce the emirate’s dependence of hydrocarbons, oil revenues represent 6 per cent of the total expected revenues for the fiscal year 2018.
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Source Credit: Gulf News