HH Sheikh Mohammed approves Dubai budget for 2016.
The budget for 2016 is a 12 per cent increase on last year
Three thousand jobs will be created in Dubai over the next year, according to the new budget.
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, yesterday approved a budget of Dhs46.1 billion for the emirate for 2016, a 12 per cent increase on last year.
The 2016 budget mainly focuses on the social sector, followed by infrastructure, security, justice and safety.
Authorities said the new financial plan, which will have an operating surplus of Dhs3.4 billion, will continue to stimulate Dubai's economic growth and improve the efficiency of government agencies.
The 3,000 new government job opportunities will be created in the fiscal year 2016.
"The break-even point between government revenues and expenditures has come as a result of the strict financial policies of the supreme fiscal committee, which focused on increasing spending for the development of the sectors of the economy, infrastructure, communications, security, justice and safety, government services and excellence, and social development," said Abdulrahman Saleh Al Saleh, Director General of Government of Dubai's Department of finance.
Revenue from government services, which represents 74 per cent of total revenue, increased by 12 per cent compared to 2015.
Authorities say the increase reflects projected growth rates and the evolution and diversity of government services.
Oil revenues accounted for only 6 per cent of government revenue, while net revenues decreased due to the low oil price.
[c] 2015 Al Sidra Media LLC Provided by SyndiGate Media Inc. ( Syndigate.info ).