Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Saturday approved a AED41 billion ($11.1 billion) budget for Dubai, an increase of nine percent compared to last year.
The budget for 2015 will have an operating surplus of AED3.6 billion, will provide 2,530 jobs, and will continue to stimulate economic growth, according to a statement published by news agency WAM.
Abdulrahman Saleh Al Saleh, director general of Government of Dubai’s Department of Finance, said spending increases were included for infrastructure, communications, security, justice and safety, government services and excellence, and social development.
He added that government revenues were expected to rise by 11 percent in 2015 compared to the fiscal year 2014.
Revenue from government services, which represents 74 percent of total government revenue, are set to increase by 22 percent compared to 2014.
Oil revenues are set to account for only four percent of government revenue as economic diversification continues.
The statement said Dubai is planning to maintain the size of its investments in infrastructure over the next five years while support for social development in the areas of health, education, housing and community development will remain a priority.
The budget of 2015 also stresses support for security, justice and safety, with 22 percent of government spending allocated.
“The government’s success in achieving no-deficit balance is a result of applying prudent fiscal policies,” said Arif Abdulrahman Ahli, executive director of budget and planning in the Department of Finance.
“The 2015 balance has been prepared in accordance with rule of using recurrent revenues to finance recurrent expenditures, which is one of the sound scientific bases of fiscal policy. The operating surplus of 3.6 billion dirhams will contribute to the financial sustainability of the principality.”
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