Mohammed approves Dh46.1 bn Dubai budget for 2016 with Dh3.4 bn surplus
Mohammed attends inauguration of 10th Dubai International Sports Conference
By emirates 24/7 news
Published Sunday, December 27, 2015
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has approved budget for the Emirate of Dubai for the year 2016 which is 12 per cent more than previous year budget with no deficit and provides more than 3,000 job opportunities.
The budget will continue to stimulate economic growth and has total expenditure of Dh46.1 billion, with an operating surplus of Dh3.4 billion.
The 2016 budget directly applies directives as set by Sheikh Mohammed bin Rashid to focus on a prudent fiscal policy that provides the stimuli necessary to economic growth in the emirate, raise the efficiency of government agencies to provide the best health and social care services for all citizens and residents.
Abdulrahman Saleh Al Saleh, Director General of Government of Dubai’s Department of finance, said, “Dubai managed to move beyond the budget deficit, but kept on increasing expenditure by 12 per cent for fiscal year 2015, which pushes the principality’s macroeconomic growth to be in line with the planned levels.”
“The benefit of the budget has reflected the directives of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, who emphasised the need for attention to the social aspect and development of investment incentives, which contributed to the high ranking in global competitiveness.”
“The break-even point between government revenues and expenditures has come as a result of strict financial policies of the Supreme fiscal Committee, chaired by Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Committee, which focused on increasing spending for the development of the sectors of the economy, infrastructure, communications, security, justice and safety, government services and excellence, and social development,” Al Saleh added.
Government revenue figures show Dubai’s success in increasing public revenues for fiscal year 2016 by 12 per cent compared to revenues for the fiscal year 2015.
Revenue from government services, which represents 74 per cent of total government revenue, increased by 12 per cent compared to 2015. The increase reflects the projected growth rates for the principality, and the evolution and diversity of government services. This increase is due to the remarkable real economic growth by 2015 budget, with limited increments on certain government services, and other increments designed to regulate the real estate market.
Tax revenues represent 19 per cent of total government revenues, which include customs and taxes of foreign banks, according to the development outcome of the customs by the Emirate’s economic growth.
Oil revenues accounts for only 6 per cent of government revenue, while net revenues decreased significantly due to the oil global low prices.
Distribution of government expenditure figures shows that wages and salaries represented 36 per cent of total government spending, underscoring the government’s desire to support recruitment and human resource support in the emirate, as well as provision of 3,000 new jobs for citizens by working to balance the fiscal year 2016. This is a continuation of the settlement policy and creating new job opportunities for citizens.
General and administrative expenses, capital expenditures and grants and subsidies accounted for 45 per cent of total government spending in 2016. The government is keen to keep the development, advancement and support of government institutions to provide better government services for citizens and residents on its territory, as well as government support for housing bodies and institutions, sports and public welfare associations, charities and the media to achieve the well-being of citizens and residents and raise the rates of happiness community.
On the other hand, the government continues to support infrastructure projects by allocating 14 per cent of government spending to infrastructure, and the hard work of building excellent infrastructure contributes to making the emirate always attractive to investments. Dubai is planning to maintain the size of its investments in infrastructure over the next five years.
Figures contained in the budget for the year 2016, as well as the interest of the government of Dubai to continue dealing with loans seriously across routing 5 per cent of total spending for debt service, in support of the government’s financial sustainability.
The government’s interest in human, guided by the vision of Sheikh Mohammed bin Rashid Al Maktoum, who says “the human being is the wealth of the nation”, clearly appears in the review of the distribution of government expenditure in key sectors. The expenditures on social development in the areas of health, education, housing and community development, 37 per cent of government expenditure, the government has taken to support social services through continued support for public benefits fund to support families with children, and maternal and child welfare, disabled persons, youth and sports clubs.
The budget of 2016 re-stressed the great support to the security, justice and safety sector, being one of the most important authorities for the community. The budget has allocated 21 per cent of government spending to support this vital sector.
Maintained sector of economy, infrastructure and transport in 2016 to the attention of the government, which has been monitoring the 36 per cent of government expenditure to this sector, which will contribute to realising the aspirations of the principality to establish distinct infrastructure are constantly evolving and attracting investment.
Mohammed attends inauguration of 10th Dubai International Sports Conference
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, today (Sunday) attended the opening session of the 10th Dubai International Sports Conference.
The two-day event is being held at Jumeirah City Resort in Dubai, discussing the theme ‘Challenges and Achievements.’
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, accompanied Sheikh Mohammed.
Among those who also attended the opening session were Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of Mohammed bin Rashid Al Maktoum Foundation and President of the National Olympic Committee (NOC), Reem bint Ibrahim Al Hashemi, Minister of State, Sheikh Hasher bin Maktoum bin Juma Al Maktoum, Director General of the Dubai Information Department, Mater Al Tayer, Deputy Chairman of Dubai Sports Council, and supervisor and host of the conference, Khalifa Saeed Suleiman, Director-General of the Department of Protocol and Hospitality in Dubai, a number of sports and youth figures, football stars, technical managers and football decision makers.
The session started with a short documentary film about Argentinian footballer Maradona, who spoke about his history, football achievements and challenges he faced during his long career in this global sports field. The film also touched on the importance of the role played by football, as well as ways to spread its influence.
Sheikh Mohammed attended part of the first session of the conference and participated in the session entitled, ‘Challenges Facing International Football Game’.
Prince Ali Bin Al Hussein, President of the Jordanian Football Association, UEFA General Secretary Gianni Infantino, Barcelona President Josep Maria Bartomeu and AC Milan club director Umberto Gandin presided over the session.
While leaving the conference hall, Sheikh Mohammed expressed his pleasure at having hosted such a large and diverse gathering of stars, experts and decision-makers in football, regionally and internationally, which reflects upon the UAE’s leadership, government and institutions’ attention in organising international events and youth meetings, which contributes to shortening distances and exchanges of cultures and experiences between Emirati youth and others throughout the world.
He added that such meetings would enhance the UAE’s stature on the humanitarian, geographic, tourist and sports maps for the benefit of the reputation of the UAE and Emiratis.
While exchanging talks with those who accompanied him, Sheikh Mohammed also reiterated that sports, in general, and football, in particular, are the shortest and easiest way to achieve rapprochement between peoples and remove geographic, political and ethnic barriers, especially among the youth, adding that interaction and communications are very important for youth.
He also noted that winning trophies would satisfy sports fans and enhance the prestige and reputation of their countries on an international level, indicating that sports builds bodies and provides opportunities for all people to understand each other and build personal, cultural and humanitarian friendships.
Sheikh Mohammed praised the achievements of the conference, which could gather such a large number of stars and key sports figures in sports and football.