Sharjah: His Highness Sheikh Dr. Sultan bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, has approved the emirate's largest-ever general budget for 2024, amounting to approximately Dh40.832 billion.
The massive budget aims to ensure financial sustainability and focuses on providing social welfare, ensuring social security and safety, and maintaining the sustainability of critical resources like energy, water, and food. It reflects the emirate's commitment to securing a decent standard of living for its residents.
The Government of Sharjah's general budget for 2024 has seen a 16 per cent increase in expenditures compared to 2023. This year's budget allocates 20 per cent for capital projects, ensuring the continuation of their needs and requirements.
Allocations
Salaries and wages constitute 26 per cent of the budget, with operating expenses at 25 per cent, marking a 6 per cent increase from 2023. Support and assistance account for 12 per cent, and capital expenditure is 2 per cent. Loan repayments and interest form 15 per cent of the budget, a significant 36 per cent rise over the previous year.
In terms of sector allocation, infrastructure leads with 40 per cent of the total budget, a 26 per cent increase from 2023. Economic development follows at 30 per cent, up 8 per cent from the previous year. The social development sector receives 21 per cent, up 5 per cent from 2023, reflecting the government's commitment to providing quality services and support to citizens and residents. Government administration and safety account for 9 per cent, a 41 per cent increase from 2023.
Revenue development remains a focus, with a 5 per cent increase planned in public revenue for 2024. Operating revenues are expected to constitute 71 per cent of the total, up 8 per cent from the previous year. Capital revenues will be 11 per cent, tax revenues 9 per cent, customs revenues 4 per cent, and oil and gas revenues 5 per cent.
2023-2030 financial plan
The Sharjah Government aims to mitigate financial and economic challenges, protecting citizens, residents, companies, and institutions. The budget supports various economic, social, scientific, cultural, and civilizational goals, with a focus on citizens as the central pillar.
In line with the 2023-2030 financial plan, the budget aims to control and optimize spending, particularly in areas that may not add value to competitiveness and financial sustainability. The budget increase for 2024 also aims to enhance government spending efficiency and empower entities to finance programs, activities, and strategic plans.
The 2024 budget of Sharjah, focused on strengthening its financial foundations, is designed to foster a vibrant social, civilizational, cultural, and health environment. It ensures that residents benefit from the emirate's economic growth while enhancing the government's ability to address global and regional economic challenges, including inflation, high interest rates, and recessions.
Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, commended the adoption of the emirate's largest-ever budget, saying that the budget will play a significant role in advancing the civilizational and developmental progress of Sharjah, focusing on human development and securing a prosperous and stable life for Emirati families.
Stimulus packages for private sector
The Crown Prince of Sharjah emphasized that the emirate's general budget mirrors the developmental vision and directives of the Ruler of Sharjah. It aims to reinforce Sharjah's prominence in various sectors, bolstering social stability, economic competitiveness, cultural leadership, and quality tourism, while focusing on a scientific and educational resurgence.
He further noted that the budget will empower government entities to fulfill their objectives, aligning with Sharjah's strategic plans. This includes undertaking infrastructure development, advancing scientific and technical projects, achieving food security, and promoting business and tourism, thereby enhancing the quality of life, safety, and security for Sharjah's citizens and residents.
For his part, Sheikh Mohammed bin Saud Al Qasimi, Chairman of the Sharjah Finance Department, emphasized that the emirate's general budget features a multitude of strategic and financial objectives and priorities. These objectives reflect the wise directives of the Ruler of Sharjah and his comprehensive and forward-thinking vision, as well as the directives of the Executive Council and the strategic vision of the Finance Department.
Furthermore, Sheikh Mohammed bin Saud Al Qasimi highlighted that the budget will strengthen strategic partnerships with the private sector. It will also introduce stimulus packages designed to support the private sector's pivotal role in driving the emirate's growth and development. Additionally, the budget aims to evolve public budget financing methods by exploring the best financing opportunities both internally and externally.
