Sharjah sets $17.7bn budget, its biggest ever
Emirate to spend $5.8bn on infrastructure projects in 2015
Sharjah has approved its biggest budget ever, with $17.7 bn set aside for spending on public projects.
Almost a third of that will be spent on infrastructure works in the emirate, the second largest in the UAE.
The budget is considerably larger than that set for 2014 and will help create 1000 jobs for Emiratis, despite increasing operational expenses due to a 28 per cent rise in salary and wage allocation.
Shaikh Mohammed bin Saud Al Qasimi, Chairman of the Sharjah Central Finance Department, in a statement said the 2015 general budget of the emirate of Sharjah has been based on some grounds and strategic, operational and financial rules, which reflected the directives of the Ruler of Sharjah and the Sharjah Executive Council (SEC).
This budget aims to promote the economy of the emirate to achieve growing economic rates, which could boost up the stature of Sharjah on the world and regional economic map and secure a financial stability to the emirate.
The economic development sector had the lion's share of 45% in total budget for fiscal year 2015 - reflecting an increase of 4% compared to last year. About 34% of the budget has been earmarked to the infrastructure development, constituting an increase of one per cent than last year budget's allocation for this sector.