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Dubai approves 2022 budget 5% higher than last year

Dubai 2022 budget

The Emirate of Dubai announced the budget for the current year 2022 to be 5% higher than last year’s budget 2021.

The Crown Prince of Dubai, Hamdan bin Mohammed bin Rashid Al Maktoum, said “The budget for the fiscal year 2022 came with a total expenditure of 59.95 billion dirhams ($16.3 billion).

The budget for the year amounted to 57.1 billion dirhams ($15.5 billion).

Dubai 2022 budget

The Crown Prince indicated that Dubai’s budget for the fiscal years 2022-2024 has a total expenditure of 181 billion dirhams ($49 billion).

The expected revenues in 2022 are about 57.55 billion dirhams ($15.66 billion). This compared to 52.31 billion dirhams ($14.24 billion) during 2021.

Dubai’s budget achieves a surplus (the difference between revenues and expenses) of 2.4 billion dirhams ($653 million), compared to a deficit of 4.79 billion dirhams ($1.3 billion) in 2021.

Fees account for the largest share of revenues in the new budget at 57%. Value-added tax and excise tax account for 2% of the revenues, customs duties for 10%, and returns on government investment and oil revenues for 6% each.

Salaries and wages

With regard to government expenditures, salaries and wages accounted for 34% of the total, then public and administrative expenses for 24%, government grants and support for 21%, and construction projects for 9%.

Each local government of the seven emirates has its own budget that often exceeds the value of the federal budget, especially in Abu Dhabi and Dubai, which each adopt a huge budget for expenditures, including contributing to the financing of the federal budget.

In a separate context, private sector sales in Dubai jumped, after a noticeable increase in commercial activity, according to the Purchasing Managers’ Index (PMI) of the IHS Market group.

The PMI showed that the growth rate of sales of private sector companies in Dubai rose to its highest level in 28 months. It was led by the travel and tourism sector at the level of sectors.

The wholesale and retail sector witnessed an increase. The construction industry suffered from weak demand and constraints on the supply side.

The latest index data indicated a noticeable increase in commercial activity in the non-oil private sector in Dubai during the month of November.

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