Sharjah ruler Sultan bin Muhammad Al Qasimi has approved the emirate’s AED32.2bn ($8.76bn) budget for 2023.
The budget, by the emirate’s Finance Department, sees a 12% reduction in spending compared to the same period last year.
Sharjah’s general budget for 2023 aims to achieve financial sustainability and enhance the economic competitiveness of the emirate.
Sharjah budget cut for 2023
The budget will enhance the emirate’s competitiveness and support citizens in Sharjah.
Sheikh Mohammed bin Saud Al Qasimi, Chairman of the Sharjah Finance Department (SFD), said, “The budget reinforces the Emirate’s strategic direction in developing infrastructure in vital facilities and areas.
“This will be done while preserving the environment and public health and expanding the role of tourism in the Emirate,” said Sheikh Al Qasimi.
Waleed Al-Sayegh, Director General of the Central Finance Department, said the budget was 12 per cent less compared to 2022.
A breakdown of the budget will see spending divided by
- Capital projects = 14%
- Salaries and Government wages = 28%
- Operating expenses = 30%
- Support and aid = 13%
- Loan repayments and interest = 13%
Highlighting expected revenues for 2023, the emirate’s budget forecasts operational revenue will account for 69% of the total budget.
Capital revenue will generate 11% of the budget next year, with tax revenue representing 10% and customs revenue being set at 4%.
Oil and gas revenue will leap by 96% compared to last year’s budget and should constitute around 6% of total revenue for 2023.
The budget comes as the emirate looks to diversify economy and boost the real estate sector. Real estate transactions in Sharjah amounted to AED16.6bn in the first nine months of 2022, according to a report by the Sharjah Real Estate Registration Department (SRERD).
The report showed that a total of 65,314 transactions took place in the emirate, during the period.
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