Dubai’s leadership, spearheaded by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has given its approval to the Government of Dubai’s general budget for the fiscal cycle spanning 2024-2026. The budget includes total expenditures amounting to Dh246.6 billion.
The newly approved Law No. (20) of 2023 outlines the General Budget of the Dubai Government for the Fiscal Year 2024, with a substantial allocation of Dh79.1 billion. This forward-looking budget reflects Dubai’s ongoing economic recovery efforts and is aimed at advancing the emirate’s economic development goals and ambitions, including the Dubai Strategic Plan 2030 and the Dubai Economic Agenda “D33.”
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, emphasized the budget’s significance in driving exponential economic growth and solidifying Dubai’s position as a global economic hub. He underscored the government’s commitment to achieving high growth while maintaining economic stability through prudent financial policies.
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The budget allocates substantial support for key sectors that are essential for Dubai’s future, including digital and knowledge-based innovation. It also seeks to foster entrepreneurship and create a high-growth environment across all sectors.
The plan is expected to make Dubai more attractive to investors and businesses seeking opportunities in the emirate. The budget emphasizes financial sustainability, competitiveness, and transparency, aligning with Dubai’s vision for the future.
The next three years (2024-2026) will be crucial for Dubai, with a focus on fostering entrepreneurship, attracting foreign investment, promoting social welfare, and reinforcing the emirate’s position as a hub of opportunity and innovation. The budget also underscores Dubai’s commitment to fields like space research, digitization, and artificial intelligence.
Abdulrahman Saleh Al Saleh, Director General of the Department of Finance (DOF) for the Government of Dubai, stated that the budget represents a flexible and adaptable financial plan aimed at achieving financial sustainability and increasing competitiveness and transparency. This will enhance Dubai’s appeal to foreign investors.
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The budget places a strong emphasis on sectors vital to the future, such as social development, security, justice, safety, infrastructure, and public services. Dubai has also maintained a disciplined financial policy, including the allocation of a special reserve and a debt service ratio that does not exceed seven percent of total expenditures.
The sectoral distribution of expenditures in the 2024 budget highlights the commitment to social development, security, infrastructure, and public services. The budget reflects Dubai’s ongoing journey towards sustainable economic growth and stability.
The 2024 budget aligns with the emirate’s long-term vision, emphasizing both economic growth and stability. It places Dubai on a trajectory to achieve its goal of becoming one of the world’s top three urban economies over the next decade.
