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Dubai Leader Approves 2012 Budget

by Mary Swire,, Hong Kong

28 December 2011

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the Government Sector Budget for the year 2012.

The budget is said to focus on fiscal policy that will ultimately provide economic growth, the completion of main infrastructure projects and the consolidation of financial sustainability. According to the Department of Finance, the Budget aims to help raise government spending efficiency on social and economic goals.

41% of the 2012 Budget is to be devoted to the infrastructure, transportation and economic development sectors, including roads, civil aviation and airports.

A further 29% will be spent in the social development sector on health care, education, housing and culture. 7% has been allocated to public services and government administration, including the Department of Finance and the Financial Audit Department, amongst others.

Abdul Rahman Saleh Al Saleh, Director General of the Department of Finance says that the government is following a “deliberate plan” to pursue a set of policies that will enhance the financial sustainability of Dubai.

The Department of Finance in Dubai has stated that the gap in the 2012 Public Budget between the public revenues and public spending is estimated at around AED1.8bn. This equals 0.6% of the Emirate's estimated GDP, which is well within the international financial guideline of 3% of GDP.

TAGS: tax | fiscal policy | aviation | gross domestic product (GDP) | budget | health care | education | Dubai | services

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