|12 January, 2020

Sharjah announces 'biggest budget in history of emirate'

Emirate seeks to boost its appeal to local, global investors

Image used for illustrative purpose. Photo Taken In United Arab Emirates, Sharjah.

Image used for illustrative purpose. Photo Taken In United Arab Emirates, Sharjah.

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The government of Sharjah has allocated a higher budget for 2020 as part of its plans to increase spending across several sectors. A 2 percent increase over the previous year’s budget makes it the largest in the history of the emirate.

Shaikh Sultan bin Mohammed Al Qasimi, supreme council member and ruler of Sharjah announced the budget at 29.1 billion UAE dirhams. The funding will primarily boost the government’s investments towards the improvement of the emirate’s infrastructure and fuel economic growth.

It will also boost expenses in social programs, economic activities, culture and education, among other sectors.

A huge chunk of the budget (33 percent), will go towards infrastructure development, a 10 percent increase over the 2019 budget. Close to 36 percent of the budget is earmarked for economic development, a statement said.

“Investing in the emirate’s infrastructure will be the primary goal this year, besides also focusing on Sharjah’s strategic objectives in the economic, social, scientific and cultural sectors,” the government said in the statement.

According to Shaikh Mohamed bin Saudi Al Qasimi, the general budget for this year is the largest in the history of the emirate.

“Stimulating economic growth lies at the heart of this year’s budget as a strategic priority to enhance Sharjah's economic appeal regionally and globally,” he 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.”

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.Maceda@refinitiv.com  

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© ZAWYA 2020

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