Dubai unveils $56bn budget for 2023-2025 fiscal cycle
The financial plan for the next three years shows the government’s commitment to providing the highest economic stability and stimulating growth
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has approved Dubai’s general budget for the fiscal cycle of 2023-2025, with total expenditures of US $56bn.
The budget meets Dubai’s aspirations and confirms its determination to continue developing and stimulating entrepreneurship, attracting more foreign investment, promoting social welfare and consolidating the emirate’s position as a land of opportunity and innovation.
The financial plan for the next three years (2023-2025) is said to show the government’s commitment to providing the highest economic stability and stimulating growth across the emirate’s business sectors. The plan also gives a clear picture of the government’s economic goals during this period, and supports medium-term planning for various economic sectors.
In early September 2022, Sheikh Hamdan launched an integrated housing plan for Dubai nationals.
The government’s total expenditures for the 2023 fiscal year are estimated at $18.37bn, which reflects Dubai’s economic recovery and boosts its ambitions to stimulate the macro-economy and support the objectives of the Dubai Strategic Plan 2030.
In its 2023 budget, Dubai continues to focus on social services and the development of the health, education and culture sectors.
The budget also places high priority on the housing sector through Dubai’s Housing Programme as part of a plan for the next 20 years. The budget is also focused on developing the social benefits fund to support families, people of determination and people with limited income.
In late September 2022, Sheikh Hamdan launched the Dubai Robotics and Automation Program.
Abdulrahman Saleh Al Saleh, Director-General of the Department of Finance (DoF) for the Government of Dubai, said the general budget cycle for the 2023-2025 period provides a base for enhancing financial sustainability and stimulating entrepreneurship in the emirate.
He explained, “It sends a strong pro-growth message to Dubai’s business sectors, and reflects the emirate’s focus on developing its financial plan annually in line with global developments. The emirate seeks to provide economic incentives to attract investments, enhance the emirate’s competitiveness, and contribute to the implementation of benefits and targets that form part of the Dubai Strategic Plan 2030 and beyond.”
In early October 2022, Standard Chartered’s Sustainable Banking Report 2022 said that UAE retail investors can mobilise more than $100bn towards top ESG priorities.
