• Thu. Nov 7th, 2024

Dubai Approves Largest Budget in Emirate’s History to Drive Infrastructure and Social Development

ByNavneeth

Oct 29, 2024 #Business, #UAE

Dubai, UAE – Dubai has approved its largest budget ever, as announced by Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai and Vice-President and Prime Minister of the UAE, on Tuesday. Covering the period from 2025 to 2027, the emirate is projected to generate Dh302 billion in revenue, while expenditures are planned at Dh272 billion, marking an unprecedented 21% operating surplus.

“This budget is aimed at ensuring financial sustainability for the Dubai Government,” Sheikh Mohammed stated. He also highlighted a Dh40 billion portfolio to foster public-private partnerships, aimed at bolstering the emirate’s economic growth.

Approximately 46% of next year’s budget will be dedicated to infrastructure projects, including roads, bridges, energy, drainage networks, and the construction of Dubai’s new airport. Additionally, 30% will support health, education, social development, housing, and other community services, reflecting Dubai’s commitment to enhancing residents’ quality of life.

Last year, Dubai’s budget allocated Dh79 billion in expenditures for 2024, with estimated revenue of Dh90 billion. Earlier this month, the UAE Cabinet also approved the federal budget for 2025, totaling Dh71.5 billion, the largest in the nation’s history.

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