The biggest public budget revealed for Dubai and this is the largest budget in the history of the emirate. The Ruler of Dubai, Vice President and Prime Minister of UAE His Highness Shaikh Mohammad Bin Rashid Al Maktoum has approved the Government of Dubai’s 2018 General Budget Law No (21) which will be an approximate amount of Dh56.6 billion for total expenditure. The article will offer an outline on how the total expenditure is segregated.
The main focus of the budget will be on the expenditure for Expo 2020 infrastructure, a major amount from the budget will be set aside to finance Expo 2020. Around Dh5 billion was allocated for Expo 2020 in 2017. The new budget plans to make the expo 2020 one of a kind exhibition in the history. The total expenditure for the mega event will be Dh25 billion. As per the new budget, the expenditure will rise from Dh47.31bn in 2017 to Dh56.56 billion in 2018. The revenue is also expected to increase and will be around Dh 50.36 billion in comparison to 2017 revenue Dh44.78 billion in 2017. The revenue of 21 percent will be from tax revenues whereas 71 percent will be from the non-tax government fees and 2 percent will be from government investments. Apart from the other revenues the oil sector will give in 6 percent of the total revenues. The new budget will bring about new 3100 new jobs and a 10 percent surge in the salaries. The aim of the new public budget will also focus on the Dubai 2021 strategy also to develop a nation with an outstanding financial stability will be achieved, emirates sustainability objectives will be met. The RTA aims for metro extensions leading to Expo 2020 will cost Dh10.6 billion. According to economists the Dubai economy will begin to stride on a new level from next year. In 2016 the IMF signified the growth of Dubai economy as 2.9 percent, in 2017 it is 3.3 and next year it is anticipated to be 3.5. The economy will thrive and flourish in the upcoming years. The UAE Cabinet has taken measures to revolutionise the higher education, develop an extremely scientific and professional education and this is part of the national strategy. Dubai Government is very keen in implementing the scheduled objectives for Expo 2020 and to execute the Dubai strategy 2021. The nation will experience some major ground-breaking changes by the year 2020.
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