Sharjah government confirms $11.1bn budget spending plan 2024

In a significant move, Sheikh Sultan bin Muhammed Al Qasimi, the Supreme Council Member and Ruler of Sharjah, has given the green light to Sharjah's 2024 general budget.

Sheikh Sultan bin Muhammed Al Qasimi Approves the 2024 Budget

This groundbreaking budget, totaling approximately AED40.832bn ($11.1bn), stands as the largest in the emirate's history. The primary objectives are to attain financial sustainability, ensure a decent standard of living, and foster social security and sustainability.

Sheikh Mohammed bin Sultan Al Qasimi, the Crown Prince and Deputy Ruler of Sharjah, highlighted that the budget empowers government departments, facilitating the realization of goals. It will drive various infrastructure and science projects, boost business and tourism, and contribute to achieving food security. The focus is on both economic and social development, aligning with the government's strategic plan for financial sustainability development.

Strategic Priorities

Sheikh Mohammed bin Saud Al Qasimi, head of the Sharjah Finance Department, highlighted the budget's main goals. Among these goals are the following: ensuring the government's financial stability; improving competitiveness; and helping government agencies reach international benchmarks. The budget's stated goal is to encourage private sector partnerships by providing incentive packages to propel the development and expansion of the emirate.

Sectoral Allocations and Emphasis on Infrastructure Development

The budget witnesses a 16% increase in expenditures compared to 2023, allocating 20% to capital projects and 26% to wages. Operating expenses account for 25%, a 6% increase from 2023. Support and aid purposes receive 12%, while 2% goes to capital expenditure. A significant portion, 15%, is dedicated to repaying loans and interest, marking a 36% increase from the previous year.

Breaking down budget allocations based on economic sectors, infrastructure takes the lead with 40%, followed by economic development at 30% and social development at 21%. Government administration, security, and safety constitute 9%, indicating a 41% increase from the 2023 budget.

Revenue Plan and Fiscal Prudence

The 2024 budget sets a general revenue plan, reflecting a 5% increase from 2023. Operating revenues contribute 71%, a rise of 8%, while capital revenues reach 11%. Tax revenues constitute 9%, customs revenues make up 4%, and oil and gas revenues contribute 5%. The budget aligns with the government's financial plan for 2023–2030, emphasizing spending control and rationalization for economic sustainability.

Moreover, Sharjah's ambitious 2024 budget unfolds a multifaceted strategy, emphasizing infrastructure, economic growth, and social development while maintaining fiscal prudence for sustainable progress.

Read also: The UAE government announces important instructions at the beginning of 2024

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