Infrastructure projects in Dubai will receive “a significant” proportion of funding in the emirate’s recently announced 2011 budget.
The allocation, announced in a statement on January 12, will see investment of AED 7.5 billion in further development of pre-approved projects; a 23% total budget share.
The projects, designed to stimulate “economic growth and financial stability” will also “stimulate the flow of local and foreign investments” according to the statement. There was no announcement with regards to further projects.
The announcement was made by His Highness Sheikh Mohammed bin Rashid Al Maktoum and Abdulrahman Al-Saleh, the director general of the Department of Finance.
A further 43% will be invested in the economic sector which also includes roads, transport, airports and civil aviation.
The remainder of the budget is shared between social development (24%); the general services and government excellence sector (11%) and security, safety, and justice (22%).
“Al-Saleh further affirmed that the 2011 budget reflects HH Sheikh Mohammed bin Rashid Al Maktoum’s directions towards the continuation in the development of Dubai’s infrastructure and support of the Emirate’s macro-economy, as well as increasing efforts that lead to an elevated level of economic and social welfare,” the release concluded.
Dubai infrastructure receives AED 7.5b investment
