Mohammed approves Dhs205 billion Dubai budget for 2023-25

Gulf Today, Staff Reporter

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as Ruler of the Emirate of Dubai, approved the general budget cycle of the Dubai government for the fiscal years 2023-2025, with total expenditures of Dhs205 billion.

The budget will fulfill Dubai’s aspirations to maintain growing and stimulating entrepreneurial activities, attracting greater overseas investments, attaining welfare for society and assembling its requirements, and consolidating the emirate's function as a land of possibilities and innovation.

Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, affirmed that the new budget displays the robust overall performance of numerous financial sectors and confirms Dubai's willpower to maintain growing its abilities in numerous fields with are cognition at the social dimension, in parallel with economic growth and taking the partnership among the private and non-private sectors to new ranges wherein it affords a broader scope for personal quarter establishments and helps them to steer the signs of monetary growth.

Sheikh Hamdan said, "We are working under the directives of Sheikh Mohammed in order to achieve the interests of the citizens, guide the enterprise sectors, and make sure of the nice offerings for the resident and visitor... The budget displays the quantity of interest in persevering with expanding the infrastructure in Dubai, particularly in the health and education sectors to preserve tempo with the necessities of the following degree and to reap ambitions.”

Sheikh Mohammed, in his capacity as Ruler of Dubai, issued Law No. (23) of 2022 regarding approving the general budget of the Dubai government for the fiscal year 2023, in which government expenditures are estimated at a total of Dhs67.5 billion, which reflects the emirate's recovery and constitutes a starting point to meet its objectives to stimulate the macro-financial system and guide the targets of the Dubai 2030 Strategic Plan Development Project.

In the fiscal year 2023 budget, Dubai keeps to take note of social offerings and the improvement of the health, education and lifestyle sectors.

The budget also gave the citizen housing sector great importance through the Citizens Housing Program in Dubai within a plan for the next twenty years.

The budget focused on developing the social benefits fund to support families, people of determination and people with limited income.

Abdul Rahman Saleh Al Saleh, Director General of the Department of Finance in the Government of Dubai, said that the cycle of the general budget for fiscal years 2023-2025 confirms monetary sustainability and stimulates entrepreneurship in the emirate, indicating that the three-12 months finances cycle sends a stimulating message to enterprise sectors, stressing the Dubai government's keenness to develop its financial plan annually, in line with global developments, which provides attractive economic incentives for investments and enhances the emirate's competitiveness and contributes to implementing the benefits and targets within the development project of the Dubai Strategic Plan 2030 and beyond.

Al Saleh added, "The finances for the financial 12 months 2023, which became accepted with a complete expenditure of Dhs67.5 billion, will fulfill the necessities and maintain tempo with the adjustments imposed through international financial inflation."