Sharjah Ruler approves AED22bn budget for 2017

Sharjah / Emirates Business

His Highness Sheikh Sultan bin Mohammed Al Qasimi, member of the Federal Supreme Council and Ruler of Sharjah, approved a budget of AED 22 billion for 2017, the largest in the emirate’s history.
The total amount is a 3% increase from 2016’s budget and focuses on several strategic objectives and indicators within the economic, social, scientific and cultural fields of the emirate, primarily an expansion in infrastructure investments. This includes national workforce investment and various social care provisions to enhance Emiratis’ living standards and ensure a significant role for citizens in the construction process, increasing the drive for sustainable development.
HE Sheikh Mohamed bin Saud Al Qasimi, Chairman of the Central Finance Department of Sharjah, said, “The emirate’s general budget is based on a set of strategic, operational and financial rules. They are in line with the guiding principles of His Highness the Ruler of Sharjah, the directives of the Emirate’s Executive Council and the Finance Department’s vision for developing an innovation-based financial strategy, which ensure economic prosperity as well as develop infrastructure and community services.”
HE Walid Al Sayegh, Director-General of the Central Department of Finance in Sharjah, noted that the total spending endorsed under the 2017 budget is approximately AED 22 billion.
He added that the budget took into account its role in stimulating the economy of the emirate to achieve high economic growth and guarantee the strengthening of the role of Sharjah in the national and
international economic
communities.
Waleed Al Sayegh said the budget focused on the relative importance of the economic development sector, accounting for 41 per cent of the total budget, as this reflects the level of interest in economic development and its impact on improving the competitive position of the emirate.
He noted that the emirate cares deeply about community development and education, as well as for human beings, as they remain the strategic priority in the leadership’s plan.
The budget will be distributed as follows.

Economic development has been allocated 41% of the total budget, reflecting the Emirate’s growing interest in enhancing its economic competitiveness.
Approximately 31% has been apportioned for infrastructure investments, which is a 7%
increase over 2016’s budget.
Approximately 20% of the budget will be allocated towards cultural and educational aspects, which is the same allocation of 2016. This figure maintains the government’s focus on positioning the
emirate as the capital of Islamic and Arabic culture and devoting special care to community
development and education.
8% of the budget will go towards improving government administration services.
The operating revenues of different government department’s account for 74% of the emirate’s total revenue base expected for 2017. Capital income represents 17.5% of the government’s total revenue; customs makes 7%; the Oil & Gas sector accounts for 1%; and taxes on total anticipated restructuring revenue in 2017 is 0.5%.