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Dealing with doubt in difficult times
Dubai budget reflects the candour needed to inspire confidence.
- Gulf News
- Published: 23:41 January 11, 2009
The Dubai government's budget answers certain significant questions at a very telling moment in time. It is positive in its outlook and end goals as it sets the framework for future plans.
This year's budget, issued by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has allocated Dh37.7 billion for public spending, which is 42 per cent higher than in the previous year. The budget makes provision for a 26 per cent increase in government revenues over last year but also indicates the first-ever deficit.
"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 with its spending on key sectors," said Nasser Hassan Al Shaikh, Director-General of the Dubai Department of Finance.
But bringing out the budget's details goes beyond the numbers. For one thing, it is issued at a time when the global financial crisis has affected all economies across the globe. Hence, approaching matters in full transparency not only reposes trust in the local economy but also brings about much-needed confidence. This approach comes amid an endless barrage of unjustifiable attacks and unsubstantiated criticism. The fact of the matter is that Dubai, like any other economic hub, will be affected by its surroundings - albeit to a varying degree. This is something that the government has neither tried to deny or minimise. In fact, it is this approach of transparency and openness that brings about confidence in times of uncertainty. The position adopted by the government sends out a strong message to all those who are still in doubt.
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