UAE Prime Minister

Mohammed approves 2010 government budget

UAE Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum has approved the Government of Dubai's budget for the 2010 fiscal year.

As per the directives of Sheikh Mohammed, the budget operates within the framework of government policy and is designed to promote economic growth, while addressing the fallout from the global financial crisis.

Commander General of Dubai Police and Head of Dubai Government's Budget Committee, Lt. General Dahi Khalfan Tamim, said that the new budget was based on Sheikh Mohammed's vision of encouraging socio-economic prosperity for citizens and residents of Dubai, with particular focus on the continued development of the emirate's infrastructure.

The budget also reflects the recommendations of the Supreme Committee for Fiscal Policy, chaired by Sheikh Ahmed bin Saeed Al Maktoum, to continue the work of stimulating Dubai's economy through following expansionary fiscal policies. These policies are in accordance with international standards to control government expenditure and serve to realise the emirate's economic and strategic goals.

Director General of the Department of Finance Abdul Rahman Al Saleh said that the budget seeks to optimise the management of public funds, while implementing programmes to ensure efficiency and effectiveness, as well as increasing awareness amongst government officials about fiscal prudence.

''The budget strikes a balance between supporting and stimulating economic activity on the one hand and adhering to sound principles for the management of public funds on the other hand,'' added Al Saleh.

Government income is expected to be Dh29.4 billion in 2010, with expenditures amounting to Dh35.4 billion. This leaves a budget deficit of Dh6 billion, which at less than 3% of Dubai's GDP, is well within international standards for fiscal policy.