Dubai unveils $3bn surplus budget
Dubai , January 13, 2008
Dubai has unveiled a surplus budget of Dh11.4 billion ($3.10 billion) for the 2008 fiscal, more than double the level of Dh5.1 billion in 2007.
Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai on Saturday approved the budget.
He also issued resolution No.29 for 2007 approving Dh26.5 billion for the 2008 budget of Dubai government departments, the WAM reported.
The governments revenues was estimated at Dh135 billion, while the total expenditure has been estimated at Dh123.6 billion.
According to the budget forecast, the share of the oil sector in the emirate's revenues is estimated at 4 per cent. Last year, the emirate's total revenues were estimated at Dh99.5 billion against expenditures of Dh94.4 billion.
Expenditures of Dubai government departments are distributed as per the emirate's strategic plan.
Salaries and wages will take hold of 28 per cent, while general and administrative expenditures will constitute 32 per cent, and developmental and infrastructure projects will take 40 per cent of the total expenditures.-TradeArabia News Service