Sharjah has unveiled its largest budget ever, with His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah, approving an expenditure of AED 40.83 billion (approximately $11.12 billion) for the year 2024. This significant budget increase, over 16% compared to the previous year, is aimed at bolstering the emirate’s economic and social frameworks.
A substantial portion of the budget, around 40%, is allocated to infrastructure projects. This represents a 26% rise from last year’s allocation, reflecting Sharjah’s commitment to enhancing its urban development and public utilities. The focus on infrastructure is seen as a crucial step in supporting the emirate’s strategic goals, including improving transport, public services, and housing sectors.
The economic development sector is set to receive 30% of the budget, underlining the emirate’s emphasis on diversifying its economy and fostering a business-friendly environment. This allocation is expected to support various initiatives aimed at enhancing Sharjah’s competitiveness and attracting local and international investments.
Social development has also been prioritized, with 21% of the budget dedicated to this sector. The funds are intended to support health, education, and social welfare programs, ensuring that the needs of the population are met and that the emirate’s social safety nets remain robust.
Operating expenses constitute 25% of the budget, marking a 6% increase compared to last year. This increment highlights the emirate’s efforts to maintain efficient government operations while also managing its financial obligations, including loan repayments and interest, which account for 15% of the budget.
Revenue projections for 2024 anticipate a 5% increase, driven by an expected rise in operating revenues, which make up 71% of the total revenue. This growth is indicative of Sharjah’s strengthening economic position and its effective revenue-generating mechanisms, including taxation, customs, and capital revenues.
Sharjah’s financial strategy is aligned with its broader objectives of achieving fiscal sustainability and enhancing the quality of life for its residents. The budget also aims to support various capital projects, with a 20% increase in funding, and includes allocations for government administration, security, and safety, which have seen a notable 41% rise from the previous year.
Overall, the 2024 budget reflects Sharjah’s commitment to sustainable development, economic diversification, and social welfare, positioning the emirate for continued growth and prosperity in the years to come.
