Sat 09-06-2018 16:22 PM
DUBAI, 9th June, 2018 (WAM) — Dubai is ranked first in the Arab world for government budget as a percentage of GDP and third globally in public finance, according to the Competitiveness Report 2018.
Abdulrahman Saleh Al Saleh, Director General of the Government of Dubai’s Department Of Finance, has attributed the economic heights the emirate has been hitting over the recent years to the resilient and ambitious economic policy adopted by the government.
“Since the global financial crisis, the Emirate of Dubai has been adopting a liberal economic policy and a clear, streamlined approach to government work, supplemented by policies and plans that support business competitiveness in a way that has reflected positively on the emirate’s economic performance and retrieved investor confidence.”
“Thanks to the close follow-up of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council and H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, the government of Dubai, represented in the Department of Finance, has been conducting consistent periodical reviews of government performance in order to ensure optimum utilisation of resources in a way that has ultimately led to a decline in the budget deficit,” he added.
Financial statements released by the emirate indicated a fall in budget deficit from AED14.00 billion in 2008 to less than AED1.00 billion in 2013.
Issued by the Swiss-based International Competitiveness Centre of the International Institute for Management Development (IMD), the Competitiveness Report 2018 places Dubai seventh globally in government efficiency.
Internationally, Dubai ranked seventh in government efficiency and tax system, first in terms of government expenditure as a percentage of GDP, and third as a global financial hub, ahead of Singapore, Switzerland and all EU countries except Iceland.