The Dubai government has approved a budget of AED 196 billion for a three-year cycle, from 2020 to 2022, to boost the emirate’s overall economy ahead of the upcoming Dubai World Expo.

موازنة العام المالي 2020 الأكبر في تاريخ #دبي بإجمالي نفقات 66.4 مليار درهم، لتلبية طموحات الإمارة في تحفيز الاقتصاد الكلي ودعم إقامة “إكسبو 2020 دبي” لتكون الدورة الاستثنائية والأبرز في تاريخ أضخم معارض العالم وأعرقها#وام pic.twitter.com/VX48QzgkkX

— وكالة أنباء الإمارات (@wamnews) December 29, 2019

At AED 66.4 billion, the budget for financial year 2020 is the largest in the history of Dubai, and aims to meet the emirate’s aspirations to stimulate the overall economy and establish
Expo 2020 as one of the most prominent editions to be held in the history of the world expos.

The budget was approved by Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, tweeted the state media WAM.

The 2020 budget will continue to focus on social services, which include healthcare, education, culture initiatives and social housing, in addition to developing the social benefits fund to support and stimulate families.

Speaking on the budget, Abdul Rahman Saleh Al Saleh, Director General of the Government of Dubai’s Department of Finance (DOF), said: “Dubai is keen to develop its financial plan annually and aims to provide economic incentives that attract investments and improves the emirate’s competitive position. This is in line with Visions 2021.”

The budget allocation of 2020 is higher than the 56.8 billion dirhams in 2019.

Dubai World Expo is set to be held from 20 October 2020 to 10 April 2021 and is expected to significantly boost the economy. Dubai’s real Gross Domestic Product (GDP) is projected to grow 3.2 per cent in 2020 with the expo playing a major role in promoting growth.