Sharjah Economic Update

Posted by: : John HeffernanPosted on: January 28, 2015 Sharjah Economic Update
 

Sharjah – His Highness Dr Shaikh Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, on Tuesday approved the 2015 general budget of the emirate at around Dh17.7 billion – the largest ever budget in Sharjah’s history.

 

The 2015 budget, up by 12 per cent compared to fiscal year 2014, has adopted several strategic indicators and objectives it strives to achieve during the fiscal year 2015.

 

Shaikh Mohammed bin Saud Al Qasimi, Chairman of the Sharjah Central Finance Department, in a statement said the 2015 general budget of the emirate of Sharjah has been based on some grounds and strategic, operational and financial rules, which reflected the directives of the Ruler of Sharjah and the Sharjah Executive Council (SEC).

 

This budget aims to promote the economy of the emirate to achieve growing economic rates, which could boost up the stature of Sharjah on the world and regional economic map and secure a financial stability to the emirate. The 2015 budget has been divided on various key sectors as follows:

 

The economic development sector had the lion’s share of 45 per cent in total budget for fiscal year 2015 – reflecting an increase of four per cent compared to last year.About 34 per cent of the budget has been earmarked to the infrastructure development, constituting an increase of one per cent than last year budget’s allocation for this sector.

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Education and culture’s allocation this year has increased by one per cent than last year budget with 11 per cent of the total budget allocated.Furthermore, about 10 per cent of the 2015 budget has been set aside for government management sector.

 

Walid Ebrahim Al Sayegh, director-general of the Sharjah Finance Department, pointed out that the 2015 budget allocated at Dh17.7 billion shall help provide around 1,000 new job opportunities for UAE nationals at different government bodies in Sharjah.

 

To sort out the expenditure, Al Sayegh said the operational spending came on top of expenditure pyramid with 45 per cent out of government spending compared to 39 per cent last year, followed by spending on wages and salaries with 28 per cent compared to 23 per cent last year while spending on capital development projects of infrastructure took 22 per cent out of the general budget.

 

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John Heffernan

John Heffernan is a accomplished entrepreneur and has been a student of Economics and Public Markets for 3 years. John Heffernan has developed expertise in the Gaming and Entertainment sector across a number of platforms, his research is focused on the future of the industry at every level.

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