Sharjah Ruler Approves AED34.422 Billion Budget

Business

December 29th, 8:08am

Sharjah - Asharq Al-Awsat

Director General of the Central Finance Department Waleed Al Sayegh indicated that the general budget has increased by (2%) compared to the 2021 budget. WAM

Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, has approved AED34.4 billion for the 2022 general budget for the Emirate of Sharjah. This is in line with the emirate’s strategic vision regarding promoting economic and social development, enhancing financial sustainability, and stimulating the overall economy, Emirates News Agency (WAM) reported Tuesday. The general budget contributes to both services and development and is based on the process of strengthening the emirate’s financial pillars to advance economic, cultural, scientific and tourism leadership and enhance capabilities to meet various economic challenges, WAM said. The budget has adopted various strategic goals and indicators, including promoting investment in infrastructure and other economic activities to achieve a competitive advantage, and providing various forms of social support to address the needs of citizens, it added. According to WAM, the budget aims to use the best means to stimulate the economy, encourage development, and ensure financial sustainability, as well as to support the growing interest in human resources and to enhance the role of citizens. Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah, said the budget aims to complete the emirate’s march in achieving the highest levels of excellence, success and sustainable development in all sectors and fields. “It is set to help the emirate continue to build on what has already been achieved, according to His Highness’s insightful vision,” WAM quoted him as saying. The budget “calls on each of us to take responsibility and to contribute to the advancement of Sharjah in a fitting manner to ensure a better future for all,” he added. Director General of the Central Finance Department Waleed Al Sayegh indicated that the general budget has increased by (2%) compared to the 2021 budget, and that the government will continue to support capital projects to ensure continuity in meeting the spending needs on these projects in 2022. The capital projects budget constitutes (30%) of the general budget. Salaries and wages constitute (25%) of the budget, an increase of (4%), while operating expenses make up (25%) for the year 2022, an increase of (3%) compared to the budget of 2021. The budget for support and aid accounts for approximately (11%) of the general budget, (3%) more than in 2021, while the balance of loan repayments and interest constitute (7%) of the total, which is an increase of (18%). This will enhance the government’s solvency and ability to meet all its obligations.

from Asharq AL-awsat https://english.aawsat.com/home/article/3384366/sharjah-ruler-approves-aed34422-billion-budget