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Business leaders expect Dubai’s 2017 budget to boost business confidence
The Government of Dubai’s Dh47.3 billion budget for 2017 with significant increase in public spending on infrastructure, innovation and social sectors is seen as a growth oriented spending plan by the emirate’s business fraternity.
While the total budget allocation for the year is up by Dh1billion (2.6 per cent) compared to Dh46.1 billion in 2016. Infrastructure spending is up by 27 per cent compared with 2016.
“The budget reflects His Highness’s [Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai] efforts to achieve the happiness of all citizens and residents, and provide the people of the UAE with the highest living standards, while enhancing the economy to ensure sustainable development in the emirate. The UAE’s wise leadership works to diversify the economy, to ensure that only 6 per cent of government income is derived from trading oil,” said Saeed Mohammed Al Tayer, MD & CEO of DEWA.
The budget allocations reflected the extent of the government’s concern for the human resources as the real wealth of the nation and allocated 34 per cent budget towards social development in the fields of health, education, housing, and community development.
The budget aims to provide more than 3,500 new jobs, reflecting the government’s keenness on creating further job opportunities.
