H.H. Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, introduced a budget with whole expenses of AED29.1 billion for 2020, a 2 percentage increase in contrast to its 2019 budget.
The accredited budget will see an increase in expenses throughout a number of sectors along with infrastructure, social programs, economic activities, culture and education amongst others.
Investing in the Emirate’s infrastructure will be the main aim this year, besides also focusing on Sharjah’s strategic goals in the economic, social, scientific and cultural sectors. Provision of social aid to make sure that the wants of all citizens are adequately met, will also be an vital area of focus in the course of this year.
Approximately 33% of the generic budget is allotted to infrastructure development in the emirate, a boom of 10% over the 2019 budget. Around 36% of the general budget is set apart for financial development, with an extended targeted on spurring economic growth.
About 24% of the general budget is earmarked for social development, a 1% increase over the 2019 budget. This budget is devoted for the aid of scientific, cultural and heritage services in order to stimulate creativity, innovation and to make sure an perfect healthy environment.
Sheikh Mohamed bin Saud Al Qasimi said: "The general budget for this year is regarded the greatest in the history of the emirate. Stimulating financial boom lies at the heart of this year’s budget as a strategic precedence to enhance Sharjah's financial appeal domestically and globally. The intention is to make sure economic steadiness and enhance the emirate's competitiveness by offering a business-friendly environment for local and international investors, and assist in the boom of the tourism sector throughout a number of fields, including cultural, historical, therapeutic, and leisure tourism. This is coupled with unrelenting efforts to maintain macroeconomic performance warning signs in line with global standards, such as control of inflation costs and rationalizing government spending.”
H.E. Waleed Al Sayegh, Director General of Sharjah Finance Department stated that the 2020 budget affords a realistic framework for implementing the directives and priorities of His Highness the Ruler of Sharjah and translating the vision and method of the Sharjah government from a contemporary perspective. The budget has, therefore, been linked with the emirate’s economic and social symptoms in a way that ensures spurring financial boom and affords social support, and sufficient housing possibilities for families to experience social stability, security and solidarity. This vision aligns with the directives of His Highness the Ruler of Sharjah of offering a respectable life and lasting prosperity for citizens and residents dwelling in Sharjah.”
Capital projects accounted for 23% of the whole budget with a view of strengthening infrastructure, which includes the improvement and development of road network, tunnels, and other important facilities. The general budget will create 500 jobs for Emiratis to make sure social steadiness and sustainable income sources for UAE citizens. The revenues of independent entities are set to develop by 1% in 2020 in contrast to 2019. Social help accounts for 13 percent of the 2020 normal budget, which reflects the willpower of His Highness the Ruler of Sharjah to make sure welfare and social justice.