Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, approved Dubai’s budget for 2023-2025 with a total expenditure of 205 billion dirhams ($55.8 billion).
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said that the new budget reflects the strong performance of various economic sectors and affirms Dubai’s determination to continue to develop its capacities in various fields.
The budget would also focus on social development, digital infrastructure development, enhancing public-private partnerships, and infrastructure development of the health and education ecosystem, according to Sheikh Hamdan.
Oil revenue represents about 5 percent of the total expected revenue for next year.
The emirate’s 2023 budget proposes expenditures of 67.5 billion ($18.3 billion) and revenues of 69 billion dirhams ($18.7 billion), an increase of 20 percent compared to the fiscal year 2022.
“The three-year budget cycle sends a strong pro-growth message to Dubai’s business sectors and reflects Dubai's focus on developing its financial plan annually in line with global developments,” said Abdulrahman Saleh Al Saleh, director general of the Department of Finance (DoF) for the Dubai government.
“The 2023 budget responds to changes resulting from global economic inflation within the framework of the integrated plan to implement the Dubai Strategic Plan 2030.”
Dubai is also keen to hedge against any situation that may result from global crises by allocating a special reserve of 5 percent of the total expected expenditure in the budget.
To enable this, Dubai has maintained a debt service ratio that does not exceed 6 percent of its total expenditure, as part of its disciplined financial policy, Dubai Media Office statement said.