Skip to content Skip to Search
Skip navigation

Dubai approves 2023-25 budget with a spend of $56bn

Dubai will spend AED 67.5 billion in 2023, with revenues expected at AED 69 billion

Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum approved the spending of AED 205 billion ($55.81 billion) between 2023 and 2025.

The emirate will spend AED 67.5 billion ($18.38 billion) next year, with revenues expected at AED 69 billion, implying a surplus of AED 1.5 billion.

Oil revenues will represent only about five percent of the total expected income for 2023, which confirms the financial sustainability of the emirate, Dubai’s Department of Finance (DoF) said in a statement published by the UAE state-owned WAM news agency.

In its 2023 budget, Dubai will continue to focus on social services and developing the health, education, and culture sectors. In addition, it prioritises the emirate’s housing programme as part of a plan for the next 20 years.

Abdulrahman Saleh Al Saleh, director-general of Dubai’s DoF, said that a total of 34 percent of total government expenditures in 2023 will be allocated to the social development sector in the areas of health, education, scientific research, housing, care for needy families and women and children. This sector’s expenditure represents an increase of four percent over the 2022 budget.

As part of efforts to transform Dubai into one of the world’s best cities to live, work and visit, the government has allocated 20 percent of total expenditures to the security, justice and safety sector.

Dubai’s continuous infrastructure development had a strong impact on the UAE’s global competitiveness. Spending on infrastructure, including roads, tunnels, bridges, transportation, sewage stations, parks, renewable energy sources and waste treatment facilities, accounted for 41 percent of total spending.

Moreover, the budget showed the government’s keenness to support small projects and entrepreneurship, and provide a nurturing environment for micro-enterprises.

Arif Abdulrahman Ahli, executive director of planning and general budget sector at DoF, said: “An operating surplus of 4.6 percent of total revenues ensures that Dubai maintains high levels of financial sustainability.”

Latest articles

Men walk past an HSBC branch in Manama. HSBC Bank Middle East made pre-tax profit of $1.2bn in 2023

HSBC’s Middle East unit increases lending in Q4

HSBC’s Middle East subsidiary expanded its loan book in the fourth quarter, outperforming the bank’s other units. Customer lending at HSBC Bank Middle East was $20 billion on December 31, up $1.6 billion, or 8 percent, on three months earlier. Worldwide, HSBC’s customer lending fell by 2 percent over the same period. The Middle East […]

Abdullah Binghannam, deputy head of financing and investment at the Capital Market Authority, spoke on the second day of the forum in Riyadh

Saudi Arabia prods blue chips to list more shares

Saudi Arabia is prodding blue-chip companies on its stock exchange to offer more shares to the public as part of a drive to become a global financial centre.  Abdullah Binghannam, deputy head of financing and investment at the kingdom’s Capital Market Authority, told a markets forum in Riyadh on Tuesday that a regulatory framework was […]

Al Jaber and IAE representatives met in Paris and discussed ways to support climate change commitments

Take action to keep climate goal in reach, urges Al Jaber

The UAE consensus achieved at the Cop28 summit in Dubai set a clear roadmap for keeping global temperature rise to within 1.5C. Now the world must turn the plan into action and results, said Cop28 president Sultan Al Jaber.  Al Jaber told the International Energy Agency roundtable in Paris on Tuesday that all stakeholders must […]

Crescent Petroleum CEO Majid Jafar

UAE’s Crescent can help Iraq meet its energy needs, says CEO

Iraq’s energy needs offer great potential for growth for Crescent Petroleum, the oldest private oil and gas company in the UAE, its group chief executive Majid Jafar has told AGBI.  The Sharjah-headquartered company has built an important presence in Iraq, where it has invested nearly $4 billion, mainly in the Kurdistan region. “We operate the […]