Budget reflects growth strategy
The Secretariat-General of Dubai Economic Council has compiled a brief report on Dubai's budget for 2010, which was recently approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
The report said the budget reflects a clear strategy to achieve economic growth.
The budget is in line with best international practices to activate financial policy for total economy management. In addition, the report said the goals of the budget are not restricted to only financial and economic aspects. They also extend to social aspects through the expenditure on social services, which aims to boost social welfare and achieve social stability for nationals.
The report said the budget depends on an expanding financial policy, which will enhance local liquidity movement and, consequently, increase total effective demand to face the surplus of supply and recession trends, especially in some sectors. The budget also depends on corporate reforms that took place in 2009, which helped manage public spending efficiently, the report said.
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