Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the Dubai Government’s general budget for the fiscal cycle of 2024-2026, with a total expenditure of AED246.6bn ($67.1bn). He also issued a law regarding the budget for the fiscal year 2024, with an estimated expenditure of AED79.1bn ($21.5bn).
The budget reflects the emirate’s economic resilience and its ambition to stimulate the macro-economy and support the goals of the Dubai Strategic Plan 2030 and the Dubai Economic Agenda “D33”. The budget also aims to foster exponential economic growth and consolidate Dubai’s position as a global economic powerhouse. It aligns with the leadership’s forward-looking vision and prioritizes support for key sectors that are vital to the future and the emirate’s transition into a new phase of dynamic growth driven by digital and knowledge-based innovation. The budget also supports homegrown entrepreneurship and creates a high-growth environment for all sectors.
The plan illustrates Dubai’s forward-looking vision, with a focus on advancing fields such as space research, digitization, and artificial intelligence. The government anticipates achieving an estimated total public revenue of AED 90.6 billion ($24.7 billion), with AED 85.1 billion ($23.2 billion) allocated to the budget and AED 5.5 billion ($1.5 billion) set aside for the general reserve. The budget designates 26 percent of total expenditures for salaries and wages, 23 percent for grants and government support, 24 percent for general and administrative expenses, 8 percent for construction projects, 8 percent for a special reserve, and 7 percent for debt service.
Government spending allocates 34 per cent of total expenditures to the social development sector, and 19 per cent to the security, justice and safety sector. It also allots 15 per cent to the infrastructure, transportation and economic resources sector, 12 per cent to the health sector, 10 per cent to the education sector, and 10 per cent to the culture, community and innovation sector.
Dubai’s new budget for 2024-2026 is a visionary and ambitious plan that will boost the emirate’s economic growth and development. It is a testament to Dubai’s leadership and vision, and a clear sign of its confidence and optimism for the future.