Sharjah’s fiscal strategy pivots on augmenting public revenue by 5% in 2024
In a significant move aimed at fortifying Sharjah’s economic and social landscape, His Highness Sheikh Dr Sultan bin Mohammed Al Qasimi, the Supreme Council Member and Ruler of Sharjah, has greenlit the emirate’s most extensive general budget to date. The budget for 2024 stands at approximately Dh40.832 billion, signalling a robust commitment to enhancing the emirate’s overall well-being and development.
Financial Commitment to Social Welfare and Development
The newly approved budget underscores a 16% surge in expenditures compared to the previous year, manifesting a strategic approach to elevate social welfare, security, and critical resource sustainability. A pivotal aspect of this financial blueprint is its unwavering focus on upholding a respectable living standard for the emirate’s residents.
Sectoral Breakdown –
Infrastructure and Economic Development:
Infrastructure emerges as a significant beneficiary, securing 40% of the total budget – a marked 26% increase from 2023. Following closely is economic development, receiving 30% of the allocation, an 8% uptick from the prior year, underscoring Sharjah’s commitment to economic diversification and growth.
Social and Government Sectors:
Reflecting a dedication to its populace, the budget allocates 21% to social development, enhancing services and support mechanisms for citizens and residents. Moreover, a notable 41% surge directs funds toward government administration and safety, further solidifying Sharjah’s governance infrastructure.
Revenue Projections and Fiscal Strategy
Sharjah’s fiscal strategy pivots on augmenting public revenue by 5% in 2024. Operating revenues are projected to constitute a substantial 71% of the total revenue, an 8% escalation from the previous fiscal cycle. Meanwhile, capital revenues will account for 11%, with tax revenues, custom revenues, and oil and gas revenues making up 9%, 4%, and 5%, respectively.
2023-2030 Financial Roadmap
Aligned with the 2023-2030 financial plan, Sharjah’s 2024 budget aims to navigate economic complexities, safeguarding the interests of citizens, residents, and institutions alike. A concerted effort is in place to optimize spending, prioritizing sectors instrumental to competitiveness and financial sustainability. This forward-thinking approach is pivotal in mitigating global and regional economic challenges such as inflation, high-interest rates, and economic downturns.
Royal Endorsements and Strategic Direction
Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, the Crown Prince and Deputy Ruler of Sharjah, lauded the adoption of this monumental budget. Emphasizing its role in steering Sharjah’s civilization and development trajectory, he highlighted the budget’s alignment with human development objectives, ensuring a prosperous life for Emirati families.
Moreover, Sheikh Mohammed bin Saud Al Qasimi, Chairman of the Sharjah Finance Department, accentuated the budget’s strategic imperatives. His insights shed light on the budget’s multifaceted objectives, echoing the visionary directives of Sharjah’s leadership and the Finance Department’s strategic vision.
Empowering the Private Sector
In a bid to invigorate the private sector, the budget introduces pivotal stimulus packages. These initiatives are meticulously designed to amplify the private sector’s role as a catalyst for growth, innovation, and economic resilience. The strategy further encompasses fostering strategic partnerships, thereby enriching Sharjah’s economic landscape and reinforcing its global standing.
Sharjah’s 2024 budget stands as a testament to the emirate’s unwavering commitment to progress, development, and societal well-being. Through meticulous sectoral allocations, revenue diversification strategies, and a visionary 2023-2030 financial roadmap, Sharjah is poised to navigate contemporary economic challenges, ensuring sustained growth, prosperity, and high quality of life for its residents.