Dubai’s balance sheet will post a surplus of Dh11.4 billion this year, more than double the level of Dh5.1bn in 2007.
According to a decree issued on Saturday by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, revenues for fiscal year 2008 are expected to touch Dh135bn, while spending is estimated at Dh123.6bn.
Dubai’s non-oil sector has achieved success in regard to production rate through the emirate’s endeavours to expand and diversify revenue sources and base of income. According to the financial report, the contribution of the oil sector to the projected Gross Domestic Product (GDP) in 2008 will be four per cent. The share of Dubai’s public sector in the balance sheet is 21 per cent, while the economic sector is 79 per cent.
Sheikh Mohammed has also issued Law No 29 for 2007 on budgets of the departments of Dubai Government in the year 2008. The budgets are put at Dh26.5bn, in which expenditure is distributed as per the Dubai Strategic Plan. Salaries and wages total 28 per cent, while the administrative and general expenditure are 32 per cent. Developmental projects account for 40 per cent.
“The endorsement of the emirate’s balance sheet by Sheikh Mohammed reflects the keenness of Government in its major role in the achievement of targeted economic and social aspirations,” said Ahmad bin Byat, Secretary-General of the Dubai Executive Council.
Bin Byat paid tribute to the attention paid by Sheikh Mohammed to members of the community through his emphasis on economic and social development.
Director General of Dubai Finance Department Sami Dhaen Al Qamzi said the 2008 budget reflects new dimensions and shows a growing attention to infrastructure projects.
And still growing...
Dubai is expected to post a GDP of more than Dh160bn this year, a senior government official said. The emirate is experiencing strong growth in all non-hydrocarbon sectors, including infrastructure, Director General of Dubai Finance Department Sami Dhaen Al Qamzi said. In comparison, the entire UAE’s GDP was Dh381bn in 2005, Dh135bn of which came from Dubai.
Dubai projects Dh11.4bn budget surplus for 2008