His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the Government of Dubai's general budget for the fiscal cycle of 2024-2026, with total expenditures of Dhs 246.6 billion.
His Highness Sheikh Mohammed has also given his approval to Law No. (20) of 2023 concerning the Dubai Government's General Budget for the Fiscal Year 2024. This budget outlines estimated expenditures of Dhs 79.1 billion, indicating Dubai's economic resurgence and its commitment to energising the overall economy. It also aligns with the goals of the Dubai Strategic Plan 2030 development initiative and the Dubai Economic Agenda "D33."
The Dubai government's budget aims to maintain its efforts in driving entrepreneurship, drawing in foreign investments, and advancing social well-being. This financial plan will channel funds into crucial areas such as space exploration, digitalisation, and artificial intelligence. Additionally, the 2024 budget will allocate resources towards enhancing government operations, fostering scientific research, and strengthening global competitiveness.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai said, "The 2024-2026 budget charts a financial roadmap for accelerating our ambitions to foster exponential economic growth and consolidate Dubai’s position as a global economic powerhouse. The new budget will play an instrumental role in achieving our goals to double the city’s GDP and propel it into the ranks of the world's top three urban economies over the next decade."
Distribution Of Budget In 2024
In the 2024 budget, approximately 26% of the total government expenditures are allocated to salaries and wages, 23% to grants and government support, and 24% to general and administrative expenses.
The government has set aside 8% of the total budget for construction projects in 2024. A significant portion, around 34% of the entire government expenditure for the 2024 budget, is dedicated to the social development sector. This allocation covers areas like health, education, scientific research, housing, support for underprivileged families, as well as initiatives for women, children, youth, sports development, and the welfare of senior citizens, retirees, and individuals with special needs.
In addition, the Dubai government has allocated 19% of the total budget for the security, justice, and safety sector. This allocation is aimed at further enhancing and professionalising the sector, making it a source of pride for the emirate on the global stage.
Investment in infrastructure, covering areas like roads, tunnels, bridges, transportation, sewage facilities, parks, renewable energy sources, and waste treatment facilities, represents 42% of the total expenditure.
The Dubai government is giving strong priority to enhancing public services, government excellence, creativity, innovation, and scientific research. To achieve this, they have reserved 5% of the total government expenditure to boost performance and promote a culture of excellence, innovation, and creativity.