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13 January 2020
ECONOMY

Sharjah announces AED 29.1 billion 2020 budget

The emirate’s approved budget will see an increase in spending across several sectors such as infrastructure, social programmes as well as economic activities, culture and education.

Sharjah's 2020 general budget is considered the largest in the history of the emirate/Shutterstock

by Kudakwashe Muzoriwa

The Government of Sharjah has approved AED 29.1 billion 2020 budget, a two per cent increase compared with the 2019 budget, according to local newswire, WAM.

Sheikh Mohammed bin Saud Al Qasimi, the Chairman of Sharjah Central Finance Department, said, “The general budget for this year is considered the largest in the history of the emirate.”

Sharjah allocated around 33 per cent of its general budget towards infrastructure development, a 10 per cent increase compared to the emirate’s 2019 budget. Additionally, around 36 per cent of the general budget is earmarked for economic development, as the UAE’s third-biggest economy seeks to increase economic growth.

 “The aim is to ensure financial stability and improve the emirate's competitiveness by providing a business-friendly environment for local and international investors, and help in the growth of the tourism sector across various fields, including cultural, historical, therapeutic, and recreational tourism,” said Sheikh Mohammed bin Saud Al Qasimi.

Similarly, the government allocated 24 per cent of the general budget towards social development, a one per cent increase compared with the 2019 budget. Sharjah Finance Department said that this budget is dedicated to supporting scientific, cultural and heritage services in order to stimulate creativity, innovation as well as R&D to ensure an ideal healthy environment.

Waleed Al Sayegh, the Director-General of the Sharjah Finance Department, said that the 2020 budget provides a practical framework for implementing the directives and priorities of the Sharjah Government.


RELATED STORIES: Sharjah 2020 budget Sharjah Finance Department financial stability infrastructure development


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