In a groundbreaking move to fortify the financial future of Sharjah, His Highness Sheikh Dr. Sultan bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, has given the green light to the emirate’s largest-ever general budget for the year 2024. The budget, totaling approximately Dh40.832 billion, is a testament to Sharjah’s commitment to financial sustainability and the well-being of its residents.
The 2024 budget reflects a 16 per cent increase in expenditures compared to the previous year, with a keen focus on social welfare, security, and the sustainability of critical resources such as energy, water, and food. The overarching goal is to ensure a decent standard of living for the people of Sharjah.
Allocation Highlights
The budget allocations illustrate a strategic approach to various sectors, emphasizing the emirate’s developmental goals. Salaries and wages claim 26 per cent, operating expenses at 25 per cent, and support and assistance at 12 per cent. Capital projects receive a significant boost with a 20 per cent allocation, ensuring the continuation of essential infrastructure needs.
Loan repayments and interest constitute 15 per cent of the budget, marking a substantial 36 per cent increase from the previous year. In terms of sector allocation, infrastructure takes the lead with 40 per cent, closely followed by economic development at 30 per cent, social development at 21 per cent, and government administration and safety at 9 per cent.
Revenue Development and Financial Plan
The Sharjah Government’s financial plan for 2024 includes a 5 per cent increase in public revenue. Operating revenues are expected to make up 71 per cent of the total, with capital revenues at 11 per cent, tax revenues at 9 per cent, customs revenues at 4 per cent, and oil and gas revenues at 5 per cent.
Aligned with the 2023-2030 financial plan, the budget aims to optimize spending and enhance government spending efficiency. It emphasizes controlling spending in areas that may not contribute to competitiveness and financial sustainability, while also empowering entities to finance critical programs and strategic plans.
Crown Prince’s Perspective
Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, lauded the adoption of the largest-ever budget, emphasizing its role in advancing civilizational and developmental progress. He highlighted the focus on human development and the aspiration to secure a prosperous and stable life for Emirati families.
Stimulus Packages for Private Sector
The Crown Prince stressed that the budget mirrors the developmental vision of the Ruler of Sharjah and aims to reinforce the emirate’s prominence in various sectors. It focuses on social stability, economic competitiveness, cultural leadership, and quality tourism, with a keen eye on scientific and educational resurgence.
Sheikh Mohammed bin Saud Al Qasimi, Chairman of the Sharjah Finance Department, added that the budget includes strategic objectives to strengthen partnerships with the private sector. Stimulus packages are designed to support the pivotal role of the private sector in driving growth and development. The budget also explores innovative financing opportunities, both internally and externally, to evolve public budget financing methods.
The approval of Sharjah’s largest-ever general budget for 2024 signals a bold step towards sustainable development, economic growth, and the overall well-being of the emirate’s residents. With a clear focus on strategic allocations and revenue development, Sharjah is poised to navigate global and regional economic challenges, further solidifying its position as a beacon of progress and prosperity in the region.
