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Ruler of Sharjah approves AED29.1 billion budget for 2020

His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, has announced that the 2020 budget would reach AED29.1 billion budget, a two percent increase compared to the 2019 budget. 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 approved budget will see an increase in expenses across several sectors, including infrastructure, social programmes, economic activities, culture and education, among others.

Approximately 33 percent of the general budget is allocated to infrastructure development in the emirate, a growth of 10 percent over the 2019 budget. Some 36 percent of the general budget is set aside for economic development, with an increased focused on spurring economic growth.

Some 24 percent of the general budget is earmarked for social development, a one percent increase over the 2019 budget. This budget is dedicated to supporting scientific, cultural and heritage services in order to stimulate creativity, innovation and R&D, to ensure an ideal healthy environment.

Capital projects accounted for 23 percent of the total budget, with a view towards strengthening infrastructure, including the development and improvement of road network, tunnels, and other primary facilities.

The general budget will create 500 jobs for Emiratis, to ensure social stability and sustainable income sources for UAE citizens. The revenues of independent entities are set to grow by one percent in 2020, compared to 2019. Social assistance accounts for 13 percent of the 2020 general budget.