Mohammed approves largest Dubai budget since financial crisis (Wam) / 3 January 2015 No-deficit budget of 41 billion dirhams provides 2,530 job opportunities; focuses on fiscal policy that provides stimuli necessary for economic growth of the emirate. His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has approved Dubai’s budget for the year 2015 based on a set of core principles, namely: - No deficit, largest budget since the last global financial crisis: 41 billion dirhams, up 9 per cent from the balance of the fiscal year 2014 - Provides 2,530 job opportunities - Continues to stimulate economic growth - Accentuates the social services sector - Has an operating surplus of Dh3.6 billion The budget directly applies directives as set by Shaikh Mohammed to focus on a prudent fiscal policy that provides the stimuli necessary for economic growth in the emirate, raise the efficiency of government agencies to provide the best health and social care services for all citizens and residents. Abdulrahman Saleh Al Saleh, Director-General of Government of Dubai’s Department of Finance, said: “Dubai managed to move beyond the budget deficit, but kept on increasing expenditure by 9 per cent for fiscal year 2014, which pushes the principality’s macroeconomic growth to be in line with the planned levels. “The benefit of the budget has reflected the directives of Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, who emphasised the need for attention to the social aspect and development of investment incentives, which contributed to the high ranking in global competitiveness. “The break-even point between government revenues and expenditures has come as a result of strict financial policies of the Supreme fiscal Committee, chaired by Shaikh Ahmed bin Saeed Al Maktoum, Chairman of the 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,” Al Saleh added. Government revenue figures show Dubai’s success in increasing public revenues for fiscal year 2015 by 11 per cent compared to revenues for the fiscal year 2014. Revenue from government services, which represents 74 per cent of total government revenue, increased by 22 per cent compared to 2014. The increase reflects the projected growth rates for the principality, and the evolution and diversity of government services. This increase is due to the remarkable real economic growth by 2014 budget, with limited increments on certain government services, and other increments designed to regulate the real estate market. Tax revenues increased by 12 per cent of the total government revenue compared to fiscal year 2014, and came to represent 21 per cent of total government revenues, which include customs and taxes of foreign banks, according to the development outcome of the customs by the emirate’s economic growth.
Posted on: Sat, 03 Jan 2015 18:08:55 +0000
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