HH Sheikh Mohammed bin Rashid approves 2012 budget for Dubai

Sheikh Mohammed bin Rashid

Sheikh Mohammed bin Rashid(Dubai) – Vice President and Prime Minister of the UAE and ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum approved Dubai’s budget for the year 2012.

The budget applies directives as set by Al Maktoum and lays out a prudent fiscal policy that focuses on stimulating economic growth, completion of the main infrastructure projects, and consolidation of financial sustainability. The Budget also centers on diversifying the public revenue sources, increasing their returns, developing clear rules for transparency and fiscal discipline to ensure the highest international Quality standards, especially in the services sector.

The official press release by Department of Finance said that the 2012 budget is based on a set of core principles, namely continuing efforts to raise the efficiency of government spending through increasing productivity and improving economic and social returns.

His Excellency Abdul Rahman Saleh Al Saleh, Director General of the Department of Finance in Dubai cited that as a result of direct efforts to rationalize Government expenditures, improved effectiveness and proficient management of public money, all government departments succeeded in ensuring the possibility of achieving a current surplus of AED1billion.

His Excellency also said that the 2012 Public Budget of Dubai Government reflects the directives of His Highness Sheikh Mohammed bin Rashid to continue the development of infrastructure, macroeconomic support and ensure social welfare in order to achieve sustainable growth goals.

Abdul Rehman Saleh Al Saleh further confirmed that Dubai’s government Budget was formulated within the framework of the Supreme Committee of Fiscal Policy’s recommendations under the chairmanship of His Highness Sheikh Ahmed bin Saeed Al Maktoum. Those directives focus on activating an expansionary fiscal policy in managing the macro economy, enhancing liquidity to stimulate Aggregate Demand and emphasized on the Emirate’s seriousness in dealing with its borrowing specifically debt.