Economic development gets the lion's share in Sharjah's Dhs29.1 billion budget

His Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, has approved the budget which will see an increase in expenses across several sectors, including infrastructure, social programmes, economic activities, culture and education, among others.

Sheikh Sultan announced that the 2020 budget  for Sharjah would reach Dhs29.1 billion, a two per cent increase compared to the 2019 budget.

Approximately 33 per cent of the general budget is allocated to infrastructure development in the emirate, a growth of 10 per cent over the 2019 budget. Some 36 per cent of the general budget is set aside for economic development, with an increased focused on spurring economic growth.

Some 24 per cent of the general budget is earmarked for social development, a one per cent increase over the 2019 budget. This budget is dedicated to supporting scientific, cultural and heritage services in order to stimulate creativity, innovation and R&D, to ensure an ideal healthy environment.

Capital projects accounted for 23 per cent of the total budget, with a view towards strengthening infrastructure, including the development and improvement of road network, tunnels, and other primary facilities.

The general budget will create 500 jobs for Emiratis, to ensure social stability and sustainable income sources for UAE citizens. The revenues of independent entities are set to grow by one per cent in 2020, compared to 2019. Social assistance accounts for 13 per cent of the 2020 general budget.

Commenting on the 2020 budget, Sheikh Mohammed Bin Saud Al Qasimi, Chairman of the Sharjah Finance Department, said, "The aim is to ensure financial stability and improve the emirate's competitiveness by providing a business-friendly environment for local and international investors, and help in the growth of the tourism sector across various fields, including cultural, historical, therapeutic, and recreational tourism. This is coupled with unrelenting efforts to keep macroeconomic performance indicators in line with international standards, including controlling inflation rates and rationalising government spending."

Waleed Al Sayegh, Director-General of the Sharjah Finance Department, said that the 2020 budget provides a practical framework for implementing the directives and priorities of His Highness, the Ruler of Sharjah, and translating the vision and strategy of the Sharjah government, from a modern perspective.

WAM