Dubai Ruler Approves 246.6 Billion Dirham Budget for 2024-2026, According to Reuters

Dubai’s ruler, Sheikh Mohammed bin Rashid al-Maktoum, has approved a budget of 246.6 billion dirhams (approximately $67.14 billion) for the emirate’s government covering the period from 2024 to 2026, according to the Dubai media office’s announcement on Monday.

For the fiscal year 2024, the estimated expenditure is set at 79.1 billion dirhams, while public revenues are projected to reach 90.6 billion dirhams. Out of these revenues, 85.1 billion dirhams will be allocated to the budget, with the remaining 5.5 billion dirhams directed to the general reserve.

The media office quoted Saleh Al Saleh, the director general of the Department of Finance, stating that the department anticipates achieving an operating surplus of up to 3.3% of Dubai’s GDP throughout the 2024-2026 financial plan, aiming to strengthen the emirate’s financial sustainability.

Al Saleh emphasized the government’s commitment to disciplined financial policies, which have facilitated the establishment of a general reserve projected to reach around 20.6 billion dirhams over the three years from 2024 to 2026.

Dubai, one of the seven emirates in the oil-rich United Arab Emirates, is regarded as a major trade and tourism hub in the Gulf region.