Sunday, 13 January 2008

Dubai budget surplus to hit Dh11.4b in ’08

Dubai budget surplus to hit Dh11.4b in ’08(Wam)
13 January 2008

DUBAI — His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has issued in his capacity as Ruler of Dubai, Decree no. 8 for 2008, announcing the budget of the emirate, which is expected to touch a surplus of Dh11.4 billion compared to Dh5.1 billion in 2007.

Dubai's revenues for fiscal year 2008 are expected to touch Dh135 billion, while planned spending is estimated at Dh123.6 billion.

Dubai's non-oil sector has scored success in regard to production rate through the emirate's endeavours to expand and diversify revenue sources and base of income.

According to the financial report, the contribution of oil sector to the projected gross domestic product (GDP) in 2008 will be four per cent. The share of Dubai's public sector in the balance sheet was 21 per cent, while the contribution of the economic sector was 79 per cent.

Shaikh Mohammed has also issued Law no. 29 for 2007 on budgets of the Departments of Dubai Government in the year 2008. The budgets are put at Dh26.5 billion, in which expenditure was distributed as per the strategic plan. Salaries and wages totalled 28 per cent, while the administrative and general expenditure were 32 per cent. The developmental and projects accounted for 40 per cent of the budget of the government departments.

"The endorsement of the Dubai emirate's balance sheet by Shaikh Mohammed reflects the keenness of Dubai government on its major role in the achievement of targeted economic and social aspirations’, said Secretary-General of the Dubai Executive Council Ahmed bin Bayat. He noted the attention paid by Shaikh Mohammed to members of the community through his emphasis on making economic development go hand in hand with social development.

Director-General of Dubai Finance Department Sami Dhaen Al Qamzi said the 2008 budget reflects new dimensions and shows a growing attention is being paid to infrastructure projects as per international standards.

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