AB Espresso: Dubai approves $75bn budget

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In today’s newsletter:

Discover the latest stories from Arabian Business, in case you missed them on Wednesday:

Dubai has approved a AED272bn ($74.6bn) budget for the next three years, outlining government income and spending plans. In 2025, spending will reach AED86.26bn ($23.5bn), focusing on social services and improving key sectors, including health, education, culture, and infrastructure. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai has approved Law No. (23) of 2024, which covers Dubai’s General Budget Cycle for 2025-2027 and the budget for 2025.

Additionally, Dubai has introduced new financial misconduct and auditing laws, allowing for travel bans and asset freezes on violators. Sheikh Mohammed issued Law No. (24) of 2024, amending parts of Law No. (4) of 2018, which established the Financial Audit Authority. Key articles in the law have been updated to include penalties and establish a grievance committee.

Moreover, the Dubai Land Department has unveiled its Real Estate Sector Strategy 2033, aiming to double the sector’s GDP contribution to AED 73bn and increase market value to AED 1 trillion. Director-General Marwan Ahmed bin Ghalita presented the strategy, which aligns with the Dubai Economic Agenda D33, Dubai Social Agenda 33, and the 2040 Urban Master Plan.

In other major developments, the UAE has announced new regulations to modernise tax collection and record-keeping for businesses. Under these changes, taxpayers can use new digital channels for invoicing and standardised record-keeping. The Ministry of Finance introduced these updates with Federal Decree-Law No. 17 of 2024, which amends earlier tax procedures.

Meanwhile, Riyadh’s King Abdullah Financial District has announced a monorail project to improve transport and pedestrian access. KAFD DMC has signed agreements with CRRC Hong Kong, CRRC Nanjing Puzhen, and Hassan Allam Construction Saudi to launch the monorail, announced during the Future Investment Initiative (FII8) Conference.

Until next time, Sharon Benjamin for Arabian Business

THE LONGER READ:

The PIF-backed investment vehicle is also eyeing significant investments in the logistics sector by year-end

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