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Sharjah's ruler Sheikh Dr Sultan bin Muhammad Al Qasimi has approved the emirate's Dh34.42 billion ($9.37bln) budget for 2022, according to a tweet by the Sharjah Government Media Bureau.
Out of the total budget expenditure, 44 percent will be allocated to the infrastructure sector, 27 percent to the economic development and 21 percent to social development sector, the Sharjah Government Media Bureau tweeted.
Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah, said: “ “The Sharjah government’s budget for the year 2022 follows the directives and comes with the blessing of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, to complete the emirate’s march in achieving the highest levels of excellence, success and sustainable development in all sectors and fields. It is set to help the emirate continue to build on what has already been achieved, according to His Highness’s insightful vision.”
According to Waleed Al Sayegh, Director General of the Central Finance Department, the general budget has increased by (2 percent) compared to the 2021 budget, and the government is expected to continue to support capital projects to ensure continuity in meeting the spending needs on these projects in 2022.
The capital projects budget constitutes (30 percent) of the general budget, state news agency, WAM reported.
Salaries and wages constitute 25 percent of the budget, an increase of 4 percent while operating expenses make up 25 percent for the year 2022, an increase of 3 percent compared to the budget of 2021.
Government revenues are expected to increase by 49 percent for 2022, compared to the general revenue budget for the year 2021. Capital revenues are expected to represent 35 percent for the year 2022, showing a significant increase over 2021.
Tax revenues will represent approximately 6 percent, an increase of roughly 20 percent compared to last year, while customs revenues will constitute 3 percent. Oil and gas revenues are expected to be around 3 percent, a noticeable increase compared to oil and gas revenues for 2021, WAM reported.
Sheikh Mohammed bin Saud Al Qasimi, Chairman of the Central Finance Department in Sharjah said that the budget supports the strategic vision of the Central Finance Department, which works to achieve higher levels of financial sustainability, to efficiently manage government resources, to support government agencies in terms of service provision, to strengthen strategic partnerships with the private sector.
Lalu Samuel, Chairman of Kingston Holdings Group and Chairman of the Representative Committee of the Industry Sector at the Sharjah Chamber of Commerce and Industry (SCCI), said that Sharjah’s general budget for the upcoming fiscal year 2022, provides all economic sectors with a solid ground to continue their progress of growth and prosperity.
“The AED 34.4 billion budget, approved by H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, will enhance investors’ confidence in the emirate’s markets as it demonstrates the strength of the local economy,” Samuel said in a statement.
(Reporting by Seban Scaria; editing by Daniel Luiz)
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