It has just been announced that His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has approved the Dh47.3 billion Dubai budget for the upcoming year (2017).
On an insight of the budget, it shows that the total allocation for the year is up by Dh1.2 billion (about 2.6 per cent compared to the amount for 2016) and looking at Infrastructure, spending is up by 27 per cent (compared to the previous year).
So far, the 2017 budget has a deficit of about Dh2.5 billion and this represents 0.6 per cent of the GDP (Gross Domestic Product) of Dubai.
Revenues is expected to decline in 2017 (compared to that of 2016) but however, government revenues from fees is expected to increase by 6 per cent to the economic growth as well as the growth of other strategic sectors which includes retail businesses and tourism.
Oil revenue is expected to represent 6 per cent of the total government revenue.
This 2017 budget is projected to provide more than 3,500 new jobs and this will bring into light one of the aims of the government (which is to create job opportunities to ensure satisfaction of the society.