His Highness Shaikh Mohammad Bin Rashid Al Maktoum

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued a decree announcing the budget.
Dubai announces 42 per cent increase in spending
By Babu Das Augustine, Banking Editor Published: January 10, 2009, 14:05
Dubai: The Government of Dubai on Saturday announced Dh37.7 billion public sector spending in its 2009 budget which is 42 per cent higher than the previous year. His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued a decree announcing the budget. The budget estimates a 26 per cent increase in revenue from the public sector to Dh33.5 billion in 2009 from Dh26.5 billion last year. Announcing a first time budget deficit of Dh4.2 billion, Nasser Hassan Al Shaikh, Director General of Dubai Department of Finance said: "In line with the directives of His Highness Shaikh Mohammad, the budget for the public and services sector is aimed at conserving the dynamic growth Dubai has witnessed in the past few years."
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The budget deficit is estimated at 1.3 per cent of Dubai's gross domestic product for the year 2007. "The deficit we have is one of the lowest in the Gulf region. The significantly higher budget expenditure and willingness to go for a deficit budget reflects the government's commitment to keep up its spending on key sectors such as public services and infrastructure, despite the economic slow down that has impacted all economies around the world," said Al Shaikh. Dubai has budgeted for an estimated fiscal revenue of Dh138 billion and a fiscal expenditure of Dh135 billion in the consolidated budget of the government, which includes the revenue and expenditures of both government departments and commercial undertakings owned by the Government of Dubai. The consolidated budget has an estimated operational surplus of Dh3 billion.