Ruler of Ajman approves $658m budget for 2022

Ajman's Ruler Sheikh Humaid bin Rashid Al Nuaimi has approved a budget of Dh2.41 billion ($658 million) for 2022 – the largest in the emirate's history, state news agency Wam reported.

The 2022 budget is 17 per cent bigger than last year and has no deficit, the government said in a statement on Thursday.

Infrastructure, community facilities and the environment account for 39 per cent of the spending, economic affairs has been allocated 34 per cent of expenditure, public services account for 19 per cent, and eight per cent of spending will be directed to public order and safety.

“The emirate’s budget and community projects aim to create a distinguished model that embodies the principles of the leadership, which prioritise peoples’ happiness and building a prosperous community,” Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Executive Council, said.

Like other emirates within the UAE, Ajman unveiled various economic stimulus measures to revitalise its economy amid the Covid-19 pandemic. The government postponed the payment dates for a number of penalties and fines till the end of 2020, in a bid to help businesses affected by the pandemic.

The 2022 budget aims to stimulate growth, improve Ajman's stature and help it achieve financial stability, said Sheikh Abdulaziz bin Humaid Al Nuaimi, chairman of the Ajman Tourism Development Department. It also aims to offer “an attractive investment environment to local and international investors, and encouraging local community’s participation in this vital sector, as well as creating a leading tourism sector”, he added.

The budget for this year “meets the development needs of the emirate, and relevant capital and development projects will serve the emirate’s general economic environment”, said Marwan Al Ali, director general of Ajman’s Department of Finance.

“The Department of Finance aims to ensure the long-term sustainability of the emirate, identify and assess financial risks and manage them wisely, and continuously invest in citizens’ capacities and skills,” he added.

Ajman's economy has shown signs of revival as business activity resumes. The number of economic licences issued by the Department of Economic Development in Ajman surged 41 per cent last year to 27,913 establishments.

The free zone supports the industrial sector, which contributes to 20 per cent of the northern emirate's gross domestic product.