DUBAI (Reuters) - Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum approved a budget of 246.6 billion dirham ($67.14 billion) for the emirate's government in 2024-2026, the Dubai media office said on Monday.
Expenditure for the fiscal year 2024 alone is estimated at 79.1 billion dirham, and public revenues at 90.6 billion dirham, the media office added.
Of the estimated revenues, 85.1 billion dirham would be allocated to the budget, and the remaining 5.5 billion dirham would go to the general reserve, it said.
"The Department of Finance expects to achieve an operating surplus of up to 3.3% of Dubai’s GDP, during the 2024-2026 financial plan, in order to establish the foundations of the emirate’s financial sustainability," the media office quoted the department's director general, Saleh Al Saleh, as saying.
The emirate's government was committed to disciplined financial policies, Al Saleh said, adding that had led to the establishment of a general reserve from annual revenues that should reach around 20.6 billion dirham for the three years 2024-2026.
Dubai, one of the seven emirates that constitute the oil-rich United Arab Emirates, is widely regarded as the trade and tourism hub of the Gulf region.
($1 = 3.6729 UAE dirham)