Dubai: Businesses have welcomed the budget, saying it will help accelerate growth and reduce Dubai’s debt burden.
Yousuf Ali MA, Managing Director of Emke Group, said: “It is the perfect New Year’s Gift. Dubai’s economy has recorded strong growth and the budget is in line with the expansion. Investor confidence is growing, which has reflected in the recent surge in real estate market.
“The budget also comes right after recent announcement of some mega projects — as the emirate gears up for a stronger growth in the new year.”
Shaji-Ul Mulk, Chairman of Mulk Holdings, said, “For expatriate investors like us, the budget allows for increased government spending, reduced deficit and citizen welfare. The 2013 budget will be a real stimulus to growth,”
Anupama Lunawat, Managing Director of Jebel Ali-based conglomerate JRD International, said, “It’s a pragmatic budget. Importance is given to social and infrastructural development — together this will contribute to economic development and quality of life in Dubai. It will also help enhance Dubai’s competitiveness.”
Dr J.R. Gangaramani, Chairman of Al Fara’a Construction Group, said, “The economy of this great nation has got a very strong foundation and is fully capable to meet the economic challenges that are present in the markets now.”