His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has officially approved the budget for the Dubai government for the 2023-2025 period, with total expenditure of AED205B ($55.5B).
According to Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, the 2023 budget proposes expenditure of AED67.5B and revenues of AED69B, resulting in a surplus of AED1.5B. This budget is higher compared to the 2022-2024 budget, which had a total expenditure of AED181B. The main goals of the budget are attracting foreign investment, promoting entrepreneurship, meeting future aspirations, promoting community happiness and solidifying Dubai’s position as a land of opportunities and innovation.
“This budget reflects the emirate’s financial sustainability, meets future aspirations, stimulates the economy, takes care of society, and consolidates Dubai’s leading position in the world. Dubai Government aims to serve citizens, support businesses and ensure availability of best services for everyone,” said Sheikh Hamdan.
Dubai’s strategic and vital sectors, such as real estate, aviation, travel and tourism, hospitality and trade, have been performing exceptionally well since the end of the COVID-19 pandemic. The latest World Travel and Tourism Council has projected that Dubai will be the largest recipient of tourist spending in 2022, totalling AED108B ($29.4B). In addition, the ongoing Fifa World Cup in Qatar is set to provide a major boost to Dubai’s travel and tourism, hospitality and aviation sectors.
The 2023-2025 budget will allocate 41 per cent to the economy, infrastructure and transportation sector; 34 per cent to social development; 20 per cent to the security, justice and safety sector; and 5 per cent to the government excellence, creativity and innovation sector. The focus will be on social development, digital infrastructure development, enhancing public-private partnerships, infrastructure development and the health and education ecosystem.
