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2015 budget evidence of the strength of the economy

Mr.Tariq Al Janahi , the Deputy Executive Director
Mr.Tariq Al Janahi , the Deputy Executive Director

Dubai 2015 budget has been recently praised during government and economic events during which it was confirmed to be a clear sign of the emirate’s economy under proper planning that’s focused on economic growth and infrastructure.

Hamid Sultan Al Mutaiwee, Executive Director of Dubai Government Workshop, has stated that the amount approved by H.H Shiekh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and ruler of Dubai, as the 2015 budget for the emirate of Dubai, which is AED 41 billion with a 9% increase compared to last year and without a deficit, is evident of the wise vision of Dubai government in budget accounts data under the programs and performance budget which concentrates on real assessment of budget performance and identifying achieved goals of every program or activity under the adopted indicators of last year where expenditures revenues broke even.

H.E has also added that this year’s budget is a real testament to the emirate’s strong economy under proper planning that’s focused on economic growth and infrastructure as a 36% of Dubai 2015 budget has been allocated to support economy, infrastructure and transportation, in addition to bringing happiness to Emirati citizens, which is a top priority to according to the vision of his H.H Shiekh Mohammed Bin Rashid Al Maktoum. Mr. Hamid Sultan has also indicated that this year’s budget provides 2.500 job opportunities for citizens with an increase amounting to 1000 opportunities compared to last year and with a higher rate of expenditures. The expenditures on health development came second in the list of government expenditures with a percentage of 35% of the budget terms; the 22% remaining part of the budget has been allocated for the purpose of improving security, justice and safety, for security is of highly important according to H.H’s vision.

An Economic Model

Tariq Al Janahi, Deputy Executive at Dubai Statistics Center, has said that the approval of Dubai 2015 budget with no budget deficit and an increasing expenditure by 9% without relying on oil revenues, especially at this time, can teach several many lessons. It is paradoxical that the famous financial global crises which happened five years ago, and affected our economy, now represents a positive point in the Dubai’s economic history as the success achieved by the emirate in such a small period of time, contrary to the plethora of negative predictions by everyone around the world, has reaffirmed that the economic model adopted by Dubai is a reliable one capable of dealing with different situations and overcoming economic problems and turning them into a story of success and achievements.

Dubai has reaffirmed its rational policies in both economy and finance. It has also reaffirmed the high government fiscal performance, the growing influence of its investment attraction and economic confidence. This confidence is clearly reflected by the growing number of foreign direct investments in Dubai that has achieved an 11.4% growth amounting to AED 172 billion in 2012, not to mention the ever-growing distinguished economic performance which has helped achieve a 3.1% growth during the first half of 2014.

Continuing Economic Development

Ahmed M. Bin Shafar , CEO of Emirates Central Cooling System Corporation “Empower”, has been quoted as said: “ The new budget approved by H.H Shiekh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and ruler of Dubai, may Allah protect him, is a driving force for the business sector in the emirate, it also demonstrates the farsightedness of our leader and the appropriate government procedures that played a role in Dubai’s economic growth.

 

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