Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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Sharjah has announced a budget with total expenses of Dh25.7 billion for 2019, marking a 10 per cent growth in comparison to its budget last year.
His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah approved the spending for 2019, which will see an increase in spending on public safety as well as on capital improvement programmes.
Focusing on Sharjah’s strategic objectives in the economic, social, scientific and cultural fields, investing in infrastructure will take precedence. The provision of social support in a variety of forms is also a priority, ensuring that the needs of all its citizens are adequately accounted.
In line with the UAE vision 2021, the budget also aims to encourage its citizens to strengthen their role in the sustainable building and development of the emirate.
“The 2019 budget will ensure that the emirate of Sharjah continues to grow and develop for it to become a major player on the world economic map. It will also ensure the financial stability of the emirate while taking into account the business costs for both local and international investors,” said Sheikh Mohammed bin Saud Al Qassimi, Chairman of the Sharjah Central Finance Department.
“The budget indicators are all in line with international standards from inflation and sector expenditure as well as other economic indicators. We have also developed a more strategic expenditure framework within governmental departments,” he added.
Waleed Al Sayegh, Director General of the Sharjah Central Finance Department, said the budget of 2019 is based on an objective comprehension of the directives of His Highness the Ruler of Sharjah; a budget is a strategic tool that translates the vision and strategy of the government.
“Focusing on the growth and modernization of the emirate, the process involves medium-term spending, linking the budget to the economic and social indicators laid out by Dr Sheikh Dr Sultan Al Qasimi. With the 2019 budget, our goal is for all of Sharjah’s residents to enjoy a comfortable life,” he said.
The major proposed items of the budget include:
. Salaries to account for 43 per cent of the current budget.
. 23 per cent of the budget goes to the development and improvement of Sharjah infrastructure.
. 41 per cent of the budget is allocated to the economic development sector.
. 22 per cent of the budget is allocated to the social development sector.
. Capital projects amount to approximately 22 per cent of the total budget of the government.
. 600 jobs for citizens.
. Government revenues will witness a growth rate of 20 per cent in 2019.
. Social support and assistance to account for 11 per cent of the total budget.
