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 cycle came to meet the aspirations of the future and confirm Dubai’s determination to continue developing and stimulating entrepreneurial activities, attracting more foreign investments, achieving welfare for society and meeting its requirements, and consolidating the emirate’s position as a land of opportunities and innovation.
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of the Emirate of Dubai, affirmed that the new budget reflects the strong performance of various economic sectors and confirms Dubai’s determination to continue developing its capabilities in various fields with a focus on the social dimension, in parallel with work to increase Economic growth rates and taking the partnership between the public and private sectors to new levels in which it provides a broader scope for private sector institutions and supports them to lead the indicators of economic growth.
Sheikh Hamdan said, “We are working under the directives of His Highness Sheikh Mohammed bin Rashid in order to achieve the interest of the citizen, support the business sectors, and ensure the best services for the resident and visitor… The budget reflects the extent of interest in continuing to develop the infrastructure in Dubai, especially in the health and education sectors to keep pace with the requirements of the next stage and to achieve ambitions.”
The great development of the emirate, in parallel with the development of the digital infrastructure… The government works within financial sustainability programs and seeks to give Dubai more advanced positions in global competitiveness indicators.
The financial plan for the next three years 2023-2025 shows the extent of the Dubai government’s interest in providing the highest levels of economic stability
Stimulating business sectors in the emirate, by giving a clear picture of the government’s economic objectives during this period, which supports medium-term planning for the economic sectors in the emirate and provides a clear vision for the private sector in it.
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 ambitions to stimulate the macro-economy and support the objectives of the Dubai 2030 Strategic Plan Development Project.
In the fiscal year 2023 budget, Dubai continues to pay attention to social services and the development of the health, education and culture 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 financial sustainability and stimulates entrepreneurship in the emirate, indicating that the three-year budget cycle sends a stimulating message to business 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 In implementing the benefits and targets within the development project of the Dubai Strategic Plan 2030 and beyond.
Al Saleh added: “The budget for the fiscal year 2023, which was approved with a total expenditure of 67.5 billion dirhams, came to meet the requirements and keep pace with the changes imposed by global economic inflation, and the beginning comes within an integrated plan to implement the project to develop the strategic plan for Dubai 2030 and achieve the vision of Sheikh Hamdan, who directed increasing government support for families and people of determination, developing government work, increasing institutional agility and enhancing global competitiveness to attract more foreign investments.