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Dubai on Sunday approved a zero-deficit budget of Dh46.1 billion
for 2016 with a major chunk of expenditure on social development and
infrastructure.
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, approved the budget with 12 per cent more state spending compared to 2015's Dh41.177 billion.
Thirty-six per cent of the government spending would go towards wages and salaries, as the government plans to add 3,000 new jobs for its citizens next year. The government spending on infrastructure, transport and economic development would rise by slightly more than 12 per cent, accounting for 36 per cent of total spending.
Analysts, financial experts and the corporate circle have welcomed the government of Dubai's second consecutive budget with a zero deficit, which features a 12 per cent increase in state spending and an operating surplus of Dh3.4 billion for 2016.
Abdulrahman Saleh Al Saleh, director-general of the Government of Dubai's Department of Finance, said: "The break-even point between government revenues and expenditures has come as a result of strict financial policies of the Dubai Supreme Fiscal Committee... which focused on increasing spending for the development of the sectors of the economy, infrastructure, communications, security, justice and safety, government services and excellence and social development."
Analysts said this a landmark budget, which proves how the emirate's diversification from oil into trading, services and hospitality has helped the government.
Experts say higher allocations to infrastructure, social spending bode well for economy.
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, approved the budget with 12 per cent more state spending compared to 2015's Dh41.177 billion.
Thirty-six per cent of the government spending would go towards wages and salaries, as the government plans to add 3,000 new jobs for its citizens next year. The government spending on infrastructure, transport and economic development would rise by slightly more than 12 per cent, accounting for 36 per cent of total spending.
Analysts, financial experts and the corporate circle have welcomed the government of Dubai's second consecutive budget with a zero deficit, which features a 12 per cent increase in state spending and an operating surplus of Dh3.4 billion for 2016.
Abdulrahman Saleh Al Saleh, director-general of the Government of Dubai's Department of Finance, said: "The break-even point between government revenues and expenditures has come as a result of strict financial policies of the Dubai Supreme Fiscal Committee... which focused on increasing spending for the development of the sectors of the economy, infrastructure, communications, security, justice and safety, government services and excellence and social development."
Analysts said this a landmark budget, which proves how the emirate's diversification from oil into trading, services and hospitality has helped the government.
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