Dubai Boosts Spending With $16.3 Billion Budget for 2022
(Bloomberg) -- Dubai set out another expansionary budget for this year as the Middle Eastern business hub seeks to offset the impact of the coronavirus pandemic and keep its economy on a growth trajectory.
Spending has been pegged at 60 billion dirhams ($16.3 billion) and revenue at 57.6 billion dirhams, according to Dubai's Crown Prince Sheikh Hamdan bin Mohammed. Dubai is continuing to work to “realize the emirate's ambitious future plans, enhance its competitiveness and consolidate its position as a leading global commercial hub,” he said.
As other wealthy nations tightened Covid-19 restrictions over the winter, Dubai decided to take a risk and gradually reopened its economy while embarking on one of the world's most extensive vaccination drives. It is currently hosting the Expo 2020 exhibition, one of the biggest in-person events since the pandemic started.
Dubai's business conditions saw the sharpest improvement in two years in October, spurred by a rebound in new orders and increased tourism as Expo 2020 got under way.
Dubai Rides Growth Wave as Winter Lockdowns Hit Europe
The government allocated 42% of total expenditure for this year toward infrastructure and transportation sectors, while 30% was set aside for social development. It expects 57% of revenue to come from fees and 20% from value-added and custom taxes.
“The 2022 budget strengthens recovery efforts and acts as a starting point within an integrated scheme” of the Dubai Strategic Plan 2030, said Abdulrahman Saleh Al Saleh, director general of Dubai's department of finance.
Read 2021 budget:
©2022 Bloomberg L.P.
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