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Dubai Approves $50Bln General Budget

Dubai’s new general budget aims at stimulating the overall economy and supporting the objectives of the emirate’s Strategic Plan 2030. (WAM)
Dubai’s new general budget aims at stimulating the overall economy and supporting the objectives of the emirate’s Strategic Plan 2030. (WAM)
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Dubai Approves $50Bln General Budget

Dubai’s new general budget aims at stimulating the overall economy and supporting the objectives of the emirate’s Strategic Plan 2030. (WAM)
Dubai’s new general budget aims at stimulating the overall economy and supporting the objectives of the emirate’s Strategic Plan 2030. (WAM)

Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has approved the government of Dubai's general budget for the fiscal cycle of 2022-2024, with a total expenditure of AED181 billion ($49.2 billion).

He also approved a law for the general budget for the fiscal Year 2022, with AED59.95 billion expenditures ($16.3 billion).

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, said the government continues to consolidate the emirate’s position as a leading global commercial hub and raise its international competitiveness by creating new growth opportunities for vital sectors.

“Dubai’s new general budget meets the emirate’s future ambitions in stimulating the macro economy, supporting the objectives of the Dubai Strategic Plan 2030 and renewing Dubai’s determination to move forward in leading global economic recovery efforts,” he added.

The three-year budget cycle focuses on increasing economic growth rates by activating the public-private partnership ecosystem and supporting the private sector to drive economic growth.

It also addresses the social aspects of healthcare and education, as well as digital infrastructure development and financial sustainability programs.

Abdulrahman Saleh Al Saleh, Director-General of the Department of Finance of the Government of Dubai (DoF), underscored the government’s keenness to continue its development efforts through its general budget cycle, raising financial sustainability and stimulating the growth of entrepreneurship in Dubai.

“Dubai’s government aims to develop its financial plan annually to provide economic incentives that will have an impact on attracting more investments, improve the emirate’s competitive position and implement the goals of the Dubai Strategic Plan 2030,” he explained.

“The 2022 budget boosts recovery efforts and acts as a starting point within an integrated scheme of the 2030 plan,” he added.

Al Saleh further affirmed the Dubai government’s commitment to adopt disciplined financial policies, leading to an operating surplus of AED1.8 billion ($480 million), which represents three percent of the expected total revenue.

This will contribute to the development of the emirate’s infrastructure programs and consolidate its financial sustainability policy.

The 2022 budget expects to achieve revenues estimated at AED57.55 billion ($15.6 billion), an increase of 10 percent over the expected revenues of the previous budget of the fiscal year 2021, as a result of the rapid recovery of Dubai and the effective measures taken to curb the pandemic.

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IMF: Middle East Conflict Escalation Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
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IMF: Middle East Conflict Escalation Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki

The International Monetary Fund said on Thursday that an escalation of the conflict in the Middle East could have significant economic ramifications for the region and the global economy, but commodity prices remain below the highs of the past year.

IMF spokesperson Julie Kozack told a regular news briefing that the Fund is closely monitoring the situation in southern Lebanon with "grave concern" and offered condolences for the loss of life.

"The potential for further escalation of the conflict heightens risks and uncertainty and could have significant economic ramifications for the region and beyond," Kozack said.

According to Reuters, she said it was too early to predict specific impacts on the global economy, but noted that economies in the region have already suffered greatly, especially in Gaza, where the civilian population "faces dire socioeconomic conditions, a humanitarian crisis and insufficient aid deliveries.

The IMF estimates that Gaza's GDP declined 86% in the first half of 2024, Kozack said, while the West Bank's first-half GDP likely declined 25%, with prospects of a further deterioration.

Israel's GDP contracted by about 20% in the fourth quarter of 2023 after the conflict began, and the country has seen only a partial recovery in the first half of 2024, she added.
The IMF will update its economic projections for all countries and the global economy later in October when the global lender and World Bank hold their fall meetings in Washington.
"In Lebanon, the recent intensification of the conflict is exacerbating the country's already fragile macroeconomic and social situation," Kozack said, referring to Israel's airstrikes on Hezbollah in Lebanon.
"The conflict has inflicted a heavy human toll on the country, and it has damaged physical infrastructure."
The main channels for the conflict to impact the global economy have been through higher commodity prices, including oil and grains, as well as increased shipping costs, as vessels avoid potential missile attacks by Yemen's Houthis on vessels in the Red Sea, Kozack said. But commodity prices are currently lower than their peaks in the past year.
"I just emphasize once again that we're closely monitoring the situation, and this is a situation of great concern and very high uncertainty," she added.
Lebanon in 2022 reached a staff-level agreement with the IMF on a potential loan program, but there has been insufficient progress on required reforms, Kozack said.
"We are prepared to engage with Lebanon on a possible financing program when the situation is appropriate to do so, but it would necessitate that the actions can be taken and decisive policy measures can be taken," Kozack added. "We are currently supporting Lebanon through capacity development assistance and other areas where possible."