DUBAI: Dubai's public revenues are estimated at AED29.906 billion while public expenditure is expected to reach AED33.684 billion leading to a projected budget gap of AED3.78 billion, according to the Department of Finance (DoF) in Dubai.
The government's adherence to a well thought and targeted international fiscal rules outlined by the Supreme Fiscal Committee has kept the gap estimates well within the targeted bracket of three percent of Dubai's GDP, the DoF was quoted in a press release received on Wednesday.
In the newly released budget, 43 percent of total expenditure was allocated to the economic sector, which includes several of Dubai's vital segments including roads, transport, airports and civil aviation as well as tourism, among others. Social development, which includes health and education services, was allocated 24 percent of total public expenditure in 2011. The general services and government excellence sector, including but not limited to the Ruler's Court, DoF and the Land Department, has been allocated 11 percent of total expenditure, while 22 percent of the expenditure has been earmarked for the security, safety, and justice sectors. A significant 23 percent of the public expenditure valued at AED7.5 billion has been allocated to developing and completing pre-approved infrastructure projects that promote economic growth and stimulate flow of local and foreign investments.
DoF's Director General Abdulrahman Al-Saleh indicated that the various government entities have succeeded in guaranteeing a possible current account surplus of AED1.9 billion estimated as an immediate result of the efforts to direct spending and improving efficiency.
© Arab News 2011
