In a landmark decision, His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, has approved the emirate’s largest-ever general budget for 2024. This monumental budget, totaling AED 40.832 billion (approximately USD 11.12 billion), marks a significant 16% increase compared to 2023 and reflects Sharjah’s commitment to achieving financial sustainability and fostering a prosperous future for its residents.
The budget places a high priority on maintaining long-term financial stability by providing sizeable funding to important areas like social development (21%), economic development (30%), and infrastructural development (40% of the budget). This strategy seeks to improve vital services, build a robust economy, and ensure that everyone has access to a good standard of living. 9% is made up of government administration and safety, a 41% increase from 2023.
The goal of revenue development is still in place, with a 5% rise in public revenue anticipated by 2024. It is anticipated that operating revenues will make up 71% of the total, an increase of 8% over the year prior. There will be 11% in capital revenues, 9% in tax revenues, 4% in customs revenues, and 5% in oil and gas revenues.
Acknowledging the significance of social well-being, the budget allocates significant funds to vital sectors such as housing, healthcare, and education. This promise guarantees that every resident will have access to chances for growth and to basic services.
Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, commended the adoption of the emirate’s largest-ever budget, saying that the budget will play a significant role in advancing the civilizational and developmental progress of Sharjah, focusing on human development and securing a prosperous and stable life for Emirati families.
The budget actively supports Sharjah’s economic diversification and growth by investing in vital sectors like tourism, industry, and trade. This strategic approach aims to attract foreign investment, create jobs, and solidify the emirate’s position as a regional economic hub.
It emphasizes streamlining government processes and optimizing resource allocation to improve efficiency and transparency. This commitment ensures that resources are utilized effectively for the benefit of all citizens.
Furthermore, Sheikh Mohammed bin Saud Al Qasimi highlighted that the budget will strengthen strategic partnerships with the private sector. It will also introduce stimulus packages designed to support the private sector’s pivotal role in driving the emirate’s growth and development. Additionally, it aims to evolve public budget financing methods by exploring the best financing opportunities both internally and externally.
Sharjah’s commitment to establishing a strong and sustainable economy while putting its residents’ welfare first is demonstrated by the historic budget. The emirate is well-positioned for future growth and prosperity thanks to this ambitious plan.
