H.H Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai has issued, in his capacity as a ruler of Dubai, Decree No. 8 for 2008 announcing the balance sheet of the emirate, which is expected to touch a surplus of AED11.4 billion compared to AED5.1 billion in 2007.
Dubai's Revenues of fiscal year 2008 are expected to touch AED135 billion, while planned spending is estimated at AED123.6 billion.
Dubai's non-oil sector has scored success in regard to production rate through the emirate's edeavours to expand and diversify revenue sources and base of income.
According to the financial report, the contribution of oil sector to the projected Gross Domestic Product (GDP) in 2008 will be four per cent. The share of Dubai's public sector in the balance sheet was 21 per cent, while the contribution of the economic sector was 79 per cent. (WAM)
Sheikh Mohammed has also issued Law No. 29 for 2007 on budgets of the departments of Dubai government in the year 2008.
The said budgets are put at AED26.5, in which expenditure was distributed as per the strategic plan. Salaries and wages totalled 28 per cent, while the administrative and general expenditure were 32 per cent. The developmental and projects acounted for 40 per of the budget of the government departments.
"The endorsement of the Dubai emirate's balance sheet by Sheikh Mohammed reflects the keenness of Dubai government on its major role in the achievement of targeted economic and social aspirations", said Secretary General of the Dubai Executive Council Ahmed bin Bayat.
He noted the attention paid by Sheikh Mohammed to members of the community through his emphasis on making economic development go hand in hand with social development.
Director General of Dubai finance department Sami Dhaen Al Qamzi said the 2008 budget reflects new dimensions and shows a growing attention is being paid to infrastructure projects as per international standards. (WAM)
Dubai's Revenues of fiscal year 2008 are expected to touch AED135 billion, while planned spending is estimated at AED123.6 billion.
Dubai's non-oil sector has scored success in regard to production rate through the emirate's edeavours to expand and diversify revenue sources and base of income.
According to the financial report, the contribution of oil sector to the projected Gross Domestic Product (GDP) in 2008 will be four per cent. The share of Dubai's public sector in the balance sheet was 21 per cent, while the contribution of the economic sector was 79 per cent. (WAM)
Sheikh Mohammed has also issued Law No. 29 for 2007 on budgets of the departments of Dubai government in the year 2008.
The said budgets are put at AED26.5, in which expenditure was distributed as per the strategic plan. Salaries and wages totalled 28 per cent, while the administrative and general expenditure were 32 per cent. The developmental and projects acounted for 40 per of the budget of the government departments.
"The endorsement of the Dubai emirate's balance sheet by Sheikh Mohammed reflects the keenness of Dubai government on its major role in the achievement of targeted economic and social aspirations", said Secretary General of the Dubai Executive Council Ahmed bin Bayat.
He noted the attention paid by Sheikh Mohammed to members of the community through his emphasis on making economic development go hand in hand with social development.
Director General of Dubai finance department Sami Dhaen Al Qamzi said the 2008 budget reflects new dimensions and shows a growing attention is being paid to infrastructure projects as per international standards. (WAM)
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