Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, announced the allocation of Dhs29.1bn towards the emirate’s 2020 budget, aimed to create 500 jobs for Emiratis to ensure sustainability and social welfare of the UAE citizens.
The 2020 budget marks a two per cent increase in comparison to the 2019 budget, a statement said.
Investment in Sharjah’s infrastructure will be the key goal in 2020, with approximately 33 per cent of the general budget earmarked for infrastructure development, posting a growth of 10 per cent over the 2019 budget.
The budget will also focus on the emirate’s strategic objectives in the economic, social, scientific and cultural spheres, as well as the provision of social support to ensure the needs of all citizens are rightly met, the statement said.
Close to 36 per cent of the general budget has been parked for economic development, while 24 per cent has been earmarked for social development. However, social assistance accounts for 13 per cent of the 2020 general budget.
Capital projects constituted 23 per cent of the total budget with the aim to bolster infrastructure, covering the development and improvement of road network, tunnels, and other facilities, the statement said.
Sheikh Mohamed bin Saud Al Qasimi said: “The general budget for this year is considered the largest in the history of the emirate. 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.
The budget has been linked with the emirate’s economic and social indicators to ensure spurring economic growth, provide social support, and adequate housing opportunities for families to enjoy social stability, security and solidarity, Waleed Al Sayegh, director general of Sharjah Finance Department said.