Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has approved the emirate’s budget for 2023 to 2025.
The emirate is planning $56bn (AED205bn) spending in that time.
The city’s 2023 budget proposes expenditures of $18.3bn (AED67.5bn) and revenues of $18.7bn (AED69bn).
Dubai budget forecast
This leaves a forecasted surplus for 2023 of $408m (AED1.5bn).
In a tweet announcing the budget Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said the government aims to serve citizens and support businesses.
“This budget reflects the emirate’s financial sustainability, meets future aspirations, stimulates the economy, takes care of society, and consolidates Dubai’s leading position in the world,” said Sheikh Hamdan.
“Dubai Government aims to serve citizens, support businesses and ensure availability of best services for everyone,” he added.
A video shared by Sheikh Hamdan, detailed the breakdown of Government spending.
The budget will go towards:
- Economy, Infrastructure and transportation – 41%
- Social development sector – 34%
- Security, Justice and safety sector – 20%
- Government excellence, creativity and innovation sector -5%
The emirate and the UAE in general have enjoyed a boost through higher oil prices this year.
It is also looking to diversify with tourism, real estate and finance sectors in particular experiencing buoyant growth in the past 12 months.
Last month Sheikh Mohammed bin Rashid Al Maktoum launched the ‘We The UAE 2031’ vision.
It aims to double the country’s gross domestic product (GDP) from AED1.49tn to AED3tn.
The UAE also outlined its aim to double the number of tourists to 40 million over the next decade, contributing AED 450 billion to GDP.
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