Sharjah Ruler announces 2020 budget with 2% YoY rise to $7.9bn
Capital projects account for 23% of the total budget, focusing on the construction and improvement of road network and tunnels
Supreme Council Member and Ruler of Sharjah, HH Dr Sheikh Sultan bin Muhammad Al Qasimi, has announced that the emirate’s 2020 budget will increase 2% year-on-year to reach $7.9bn (AED29.1bn) in 2020.
The general budget for Sharjah will witness expenses increase across several sectors, including infrastructure, social programmes, economic activities, as well as culture and education, among others.
Capital projects aimed at strengthening the emirate’s infrastructure will account for 23% of the total budget, focusing on the construction and improvement of road network, tunnels, and other facilities.
The approved budget is projected to create 500 jobs for Emiratis, ensure social stability, and boost sustainable income sources for UAE citizens.
In addition, 33% percent of the general budget will be set aside for infrastructure development in the emirate, which is 10% higher than what was allocated in the 2019 budget.
Approximately 36% of the general budget will be focused on economic development, according to the state-run news agency, Wam.
Commenting on the budget, the chairman of the Sharjah Finance Department, Sheikh Mohammed bin Saud Al Qasimi, said: “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.”
He added: “This is coupled with unrelenting efforts to keep macroeconomic performance indicators in line with international standards, including controlling inflation rates and rationalising government spending.”