16% of spending to go to infrastructure projects ahead of Expo 2020
The Dubai government announced on Tuesday a spending plan of Dh56.8 billion for 2019, with a heavy portion of the budget (16 per cent) going to infrastructure spending ahead of Expo 2020.
A statement from Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said that Dh9.2 billion will be allocated for infrastructure spending. The statement also said state revenues are expected to reach Dh51 billion in 2019, up 1.2 per cent over 2018.
Dubai budget for 2019,
with a heavy portion of the
budget (16 per cent) going
to infrastructure spending
ahead of Expo 2020
Spending on health, education, and housing will account for 33 per cent of the budget.
The total budget for the Dubai government for the year is nearly flat year-on-year, with the budget plan for 2018 having been for spending of Dh56.6 billion, which was a 19.5 per cent jump from 2017.
Tuesday’s statement pointed that the 2018 budget was indeed the largest ever by the Dubai government and was part of plans to boost the economy.
The government said that the revenues for 2019 will allow for 2,498 new job opportunities.
It also highlighted infrastructure spending in its budget, saying that though works on the Expo 2020 in Dubai are drawing to a close, Shaikh Mohammed is keen to continue spending on infrastructure to raise Dubai’s status as a preferred destination for investment.
Tariq Qaqish, managing director of the asset management division at Menacorp, said that maintaining strong spending is assuring for investors as it stresses the government’s plans to enhance the position of Dubai as a business and tourism destination.
“The focus on creating jobs, enhancing innovation and efficiency are key factors for creating value-added elements to strengthen the economy,” he said.
The Dubai government said its financial policies have resulted in a surplus of Dh850 million.
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Source: Gulf News