Ajman ruler His Highness Sheikh Humaid bin Rashid Al Nuaimi has approved the government budget for the fiscal year of 2015, state news agency WAM reported.
The budget, which has about Dhs1.061 billion set aside as total expenditure, is also 23.44 per cent larger than the emirate’s 2014 budget, a senior official said in a statement.
“The budget is a translation of the directives of Sheikh Humaid and Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, to dedicate special care and attention to infrastructure projects and development in the emirate,” said Sheikh Ahmed bin Humaid Al Nuaimi, ruler’s representative for administrative and financial affairs.
This is also the first budget since Ajman’s strategy and Vision 2021 was approved, he said.
The 2015 budget has allocated 33 per cent of its expenditure for economic affairs while 32 per cent will be spent on housing and community facilities. Around 22 per cent of funds will be used for the public services sector and 13 per cent for system and public safety affairs sector, the statement added.
Sheikh Ahmad attributed the growth in expenses to the government’s interest in the emirate’s developmental projects and said that the increase in revenues was due to opening of new channels for investment in the emirate.
Ajman is looking to boost its own growth prospects by tapping into the current economic confidence prevailing in the UAE. The emirate has also been pumping in funds to boost its infrastructure and improve its investment climate.
As part of its development plans, Ajman is building a new $2.1 billion international airport in the Al Manama area. The airport, to which 40 per cent of the emirate’s 2014 budget was allocated to, is scheduled to be launched by 2018.
In addition, the government is also building two ports and a sewage plant, an earlier statement from the ministry said.