Sharjah budget will stimulate growth, enhance sustainability

Inayat-ur-Rahman, Deputy Business Editor

His Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, has approved the general budget for the Emirate of Sharjah of Dhs33.6 billion for the fiscal year 2021. According to Sharjah Finance Department (SFD), the budget has increased 12 per cent compared to the final 2020 budget with the aim to achieve the strategic vision of the emirate in economic and social development, enhancing financial sustainability, and stimulating the macroeconomic environment.

Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department told Gulf Today that the budget for the new year 2021 constitutes an added value to all that have preceded it, both in terms of increase and growth.

He mentioned that the budget for 2021 is considered the largest in the history of Sharjah, with total expenditures of more than Dhs33 billion, which means an increase of 12 per cent compared to the 2020 budget.

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In addition, Al Shamsi praised the great role of the Executive Council headed by Sheikh Sultan Bin Mohammed Bin Sultan Al Qassimi, Crown Prince and Deputy Ruler of Sharjah and Chairman of the Sharjah Executive Council, and his directives in supporting and stimulating the economy, and ensuring the streamlined and sustainable business.

He commended the role of the advisory council and all the institutions that have contributed to preparing the budget, which expresses the high ambition to continue the accomplishments in our smiling emirate, and to achieve well-being and prosperity for all its residents.

Al Shamsi noted the great efforts made by the Central Finance Department in preparing the budget, and how it is always keen to achieve the highest levels of financial sustainability.

Lalu Samuel, Chairman & Managing Director, Kingston Holdings commended the leadership of Sharjah for the swift approval of the emirate’s largest-ever general budget by His Highness Dr Sheikh Sultan Bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah.

“The 2021 general budget is a real investment in the emirate’s achievements and gains as it will definitely create a competitive business environment that attracts more local and foreign businesses and investments. It is also a true embodiment of the emirate’s plans tailored to establish and develop a comprehensive economy, and achieve an optimal balance among the emirate’s main sectors,” Samuel said.

He added that the Dhs33.6 billion budget, which increased 12 per cent compared to the final 2020 budget, provides all economic sectors with a solid ground to continue their march of growth and prosperity, and also boosts investors’ confidence in the emirate’s markets thanks to the strength of the economy and flexibility of its development plans and programmes.

Samuel lauded the wise distribution of the budgets, which takes into account supporting the economic climate in the Emirate of Sharjah by allocating 29 per cent of it for developing the economic sector while 43 per cent of the budget is allocated for developing and improving infrastructure in the emirate, which means that the opportunities made available to Sharjah investors will undoubtedly be greater, more massive and diversified.

The budget also witnesses an allocation of 29 percent for developing the economic sector, while 21 per cent on social development to support scientific, cultural and heritage services, as well as stimulating creativity, innovation and scientific research, and ensuring an ideal healthy environment.

The capital projects budget accounts for 32 percent, with an increase of 46 percent over the 2020 budget to enhance infrastructure and ensure the development and improvement of the transport network, tunnels, tourism facilities and various other service facilities.

Meanwhile, during its 15th periodic meeting, the Sharjah Chamber of Commerce & Industry, SCCI, has approved the operational plan for the year 2021. The plan comprises a set of important objectives, including the Chamber’s full commitment to supporting the business sector, entrepreneurs, and SME owners and helping them overcome the Covid-19-related challenges.

This is in line with the directives of His Highness Sheikh Dr Sultan Bin Muhammad Al Qasimi, Member of the UAE Supreme Council and Ruler of Sharjah, who always calls for the need to help the companies operating in Sharjah increase their exports and competitiveness in global markets, as this would help enhance the emirate’s economic growth and its sources of income.

Chaired by Abdullah Sultan Al Owais, Chairman of the Sharjah Chamber of Commerce & Industry, the meeting was attended by Sheikh Majid Faisal Khalid Al Qasemi, SCCI First Vice Chairman, Waleed Abdul Rahman Bu Khatir, SCCI Second Vice Chairman, and board members of the chamber.

Approving the SCCI’s budget estimate for 2021 was one of the topics that have been discussed, in addition to identifying the challenges facing the private sector and helping it get through them by launching diverse initiatives targeting different economic sectors.

Welcoming the attendees, Abdullah Sultan Al Owais lauded the tremendous efforts the wise leadership has exerted to develop the national economy and to maintain its sustainability, especially during Covid-19 challenges, making it among the world’s competitive economies.