Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Wednesday approved Dh47.3 billion Dubai budget for the year 2017.
The total budget allocation for the year is up by Dh1.2billion (2.6 per cent) compared to Dh46.1 billion in 2016. Infrastructure spending is up by 27 per cent compared with 2016.
Overall, the 2017 budget has a deficit of Dh2.5 billion, which represents 0.6 per cent of the gross domestic production (GDP) of Dubai.
The total 2017 revenues is anticipated to decline compared with 2016, but the government revenues from fees, on the other hand, will increase by six per cent due to the economic growth and the growth of other strategic sectors, including tourism and retail businesses.
Oil revenue is expected to represent 6 per cent of the total government revenue.
The budget aims to provide more than 3,500 new jobs, reflecting the government’s keenness on creating further job opportunities to ensure the satisfaction of the society.
Font: Gulf News