The budget includes a total expenditure of Dh 40.832 billion

His Highness Sheikh Dr. Sultan bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, has approved the emirate’s largest-ever general budget for 2024, amounting to approximately Dh40.832 billion.

The massive budget aims to ensure financial sustainability and focuses on providing social welfare, ensuring social security and safety, and maintaining the sustainability of critical resources like energy, water, and food. It reflects the emirate’s commitment to securing a decent standard of living for its residents.

The Government of Sharjah’s general budget for 2024 has seen a 16 per cent increase in expenditures compared to 2023. This year’s budget allocates 20 per cent for capital projects, ensuring the continuation of their needs and requirements.

Allocations

Salaries and wages constitute 26 per cent of the budget, with operating expenses at 25 per cent, marking a 6 per cent increase from 2023. Support and assistance account for 12 per cent, and capital expenditure is 2 per cent. Loan repayments and interest form 15 per cent of the budget, a significant 36 per cent rise over the previous year.

In terms of sector allocation, infrastructure leads with 40 per cent of the total budget, a 26 per cent increase from 2023. Economic development follows at 30 per cent, up 8 per cent from the previous year. The social development sector receives 21 per cent, up 5 per cent from 2023, reflecting the government’s commitment to providing quality services and support to citizens and residents. Government administration and safety account for 9 per cent, a 41 per cent increase from 2023.

Revenue development remains a focus, with a 5 per cent increase planned in public revenue for 2024. Operating revenues are expected to constitute 71 per cent of the total, up 8 per cent from the previous year. Capital revenues will be 11 per cent, tax revenues 9 per cent, customs revenues 4 per cent, and oil and gas revenues 5 per cent.

2023-2030 financial plan

The Sharjah Government aims to mitigate financial and economic challenges, protecting citizens, residents, companies, and institutions. The budget supports various economic, social, scientific, cultural, and civilizational goals, with a focus on citizens as the central pillar.

In line with the 2023-2030 financial plan, the budget aims to control and optimize spending, particularly in areas that may not add value to competitiveness and financial sustainability. The budget increase for 2024 also aims to enhance government spending efficiency and empower entities to finance programs, activities, and strategic plans.

The 2024 budget of Sharjah, focused on strengthening its financial foundations, is designed to foster a vibrant social, civilizational, cultural, and health environment. It ensures that residents benefit from the emirate’s economic growth while enhancing the government’s ability to address global and regional economic challenges, including inflation, high interest rates, and recessions.

Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, commended the adoption of the emirate’s largest-ever budget, saying that the budget will play a significant role in advancing the civilizational and developmental progress of Sharjah, focusing on human development and securing a prosperous and stable life for Emirati families.

Stimulus packages for private sector

The Crown Prince of Sharjah emphasized that the emirate’s general budget mirrors the developmental vision and directives of the Ruler of Sharjah. It aims to reinforce Sharjah’s prominence in various sectors, bolstering social stability, economic competitiveness, cultural leadership, and quality tourism, while focusing on a scientific and educational resurgence.

He further noted that the budget will empower government entities to fulfill their objectives, aligning with Sharjah’s strategic plans. This includes undertaking infrastructure development, advancing scientific and technical projects, achieving food security, and promoting business and tourism, thereby enhancing the quality of life, safety, and security for Sharjah’s citizens and residents.

For his part, Sheikh Mohammed bin Saud Al Qasimi, Chairman of the Sharjah Finance Department, emphasized that the emirate’s general budget features a multitude of strategic and financial objectives and priorities. These objectives reflect the wise directives of the Ruler of Sharjah and his comprehensive and forward-thinking vision, as well as the directives of the Executive Council and the strategic vision of the Finance Department.

Furthermore, Sheikh Mohammed bin Saud Al Qasimi highlighted that the budget will strengthen strategic partnerships with the private sector. It will also introduce stimulus packages designed to support the private sector’s pivotal role in driving the emirate’s growth and development. Additionally, the budget aims to evolve public budget financing methods by exploring the best financing opportunities both internally and externally.

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His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah laid the foundation stone for the new water desalination plant project in Al Hamriyah, on Tuesday morning, costing AED1.65 billion.

His Highness was briefed on the authority’s strategy in water projects 2023-2033, which bolsters water security, meets comprehensive development needs following the highest quality standards and ensures sustainable access to pure water.

His Highness and the attendees watched a media production covering the stages of the new water station project in Al Hamriyah, highlighting the modern technologies used, along with several projects, including transmission and distribution lines, the modernisation of water networks, in addition to pumping stations and water tanks to improve the operation’s efficiency and increase water storage capacity.

The project is one of the biggest investments in the field of water in Sharjah, as it aims to increase the production capacity of Al Hamriyah station to 110 million gallons per day and a storage capacity of 90 million gallons, in addition to consuming energy not exceeding 3.2 kilowatts per hour to produce a cubic meter of water.

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Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Sharjah Crown Prince, Deputy Ruler, and Chairman of the Executive Council chaired a meeting of the Sharjah Executive Council this morning at the Sharjah Rulers office in the presence of His Highness Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Vice Chairman of the Executive Council.

In order to achieve the development objectives defined by Sharjah, the Council discussed issues relevant to the emirate’s government operations. Because of its comprehensive approach to improving and developing all areas, the council hopes to have an advantageous impact on people’s lives in many different ways, including social, cultural, economic, and others.

In accordance with the directives of His Highness Sheikh Dr Sultan bin Mohammed Al Qasimi, Member of the Supreme Council, the Council, and Ruler of Sharjah, the Executive Council has authorised the third round of housing support recipients for the year 2023, with the aim of improving family stability. There will be 550 recipients, and their total cost will be 373 million AED.

New construction, completion, addition, maintenance, and getting a government dwelling are all included in the batch arborized, which includes grants and loans in all cities and areas of the Emirate of Sharjah.

Since the Housing Department was established, 12,113 beneficiaries have received a total of AED 10,391 billion in housing help.

The Council approved a resolution to establish an Executive Committee and expand the reach of health cities in the Sharjah Emirate.

The resolution stipulates that an executive committee for expanding the scope of health cities in the Emirate of Sharjah shall be formed, with the chairmanship of Dr Abdulaziz Saeed Al Muhairi, the Chairman of the Sharjah Health Authority. The resolution further names the following members of the committee:

• Issa Hilal Al Hizami, Chairman of the Sharjah Sports Council.
• Brigadier Abdullah Ibrahim bin Nassar, Deputy Director-General of Resources and Support Services at the Sharjah Police General Command.
• Abdullah Suleiman Al Kabouri, Director of the District and Village Council Affairs Department
• Dr Abdullah Mohammed Al Kadid Al Mahrazi, Director of Statistics at the Department of Statistics and Community Development in the United Arab Emirates
• Hussein Ali Al Mulla, Media Relations Executive at Sharjah Government Media Bureau
• Hessa Abduljabbar Al Khaja, Director of the Sharjah Educational Zone.
• Sheikha Najla Ali Al Mualla, Director of the Central Laboratories Department at the Municipality of Sharjah City
• Iman Rashid Saeed, Director of the Health Promotion Department at the Supreme Council for Family Affairs
• Hanadi Saleh Al-Yafei, Director of the Child Safety Department at the Supreme Council for Family Affairs.
• Dr Amira Saif Al Khaja, Director of Primary Healthcare Centres at Emirates Health Services
• Khulud Ahmad Al Nuaimi, Executive Affairs Director for the Community Service Sector at the Department of Social Services.
• Asmaa Hasan Al Marzouqi, Director of the Government Communication Department at the Directorate of Human Resources.
• Lahib Al Mutawali, Quality Assurance Expert at the Sharjah Private Education Authority.

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His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, opened, this Wednesday morning, Al Suyoh Mall, the second community market implemented by the Sharjah Retail Group of the Sharjah Cooperative, located on Mleiha Road in the Al Suyoh suburb.

Touring the mall, His Highness inspected the mall’s facilities, including retail stores, entertainment facilities, and service facilities, in addition to restaurants and cafes.

His Highness was briefed about the mall, which includes more than 50 stores, including well-known brands.

During his tour, His Highness was briefed on the branch of the Sharjah Cooperative Society, which serves residential communities in the suburb and neighboring areas.

Visual media was shown to His Highness, telling the background story behind establishing the Sharjah Cooperative Society, the first supermarket in the UAE, informing His Highness of the Co-op’s achievements during the past years and future

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Tilal Properties, as part of its strategic partnerships with all entities nationwide, is now offering special discounts for their Clients holding Esaad card. 10% discount on land with payment plans in case of direct sale.

This offer can’t be combined with other discounts or benefits.

The real estate sector in Sharjah achieved a trading value of AED13.4 billion during the first half of 2023, with an increase of 19.2 percent compared to the same period last year.

According to the semi-annual report issued by the Sharjah Real Estate Registration Department on the real estate in the emirate, there were 40,843 transactions in the first half of 2023, and the value of real estate mortgages amounted to AED4.1 billion.

Abdulaziz Ahmed Al-Shamsi, Director-General of Sharjah dex Estate Registration Department, said, “The real estate sector in Sharjah continues to be one of the most important economic pillars in the emirate and it continues to accumulate achievements and overcome challenges thanks to the great support of our wise government led by H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the follow-up of H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and Chairman of the Executive Council of Sharjah, and their keenness to support the growth of this vital sector, and ensure its ability to overcome all circumstances.”

He also highlighted the success of the real estate sector in Sharjah in attracting investors from 88 different nationalities during H1 thanks to the incentives and facilities adopted by the government during the last period.

Sales Transactions by Regions

The total area traded in Sales transactions during the first half of this year was 43 million square feet.

Moreover, the number of Sales transactions in the various regions of the emirate during H1 2023 reached 4,187 transactions, with a value of AED5.7 billion. The city of Sharjah accounted for the largest share of the transactions, with 3,794 transactions which took place in 106 areas, and with a total value of AED5.4 billion. Muwaileh Commercial area, Mezair’ah, Al-Khan, and Hoshi areas topped the list in Sharjah city. As for the Benefit Sale transactions, they reached 355, with a total value of AED497 million.

Residential transactions continue to lead

By classifying sales transactions according to the type of property, residential real estate transactions acquired the largest share, with 3,332 transactions, representing 79.6 percent of the total number of transactions. Next, industrial real estate recorded 410 transactions, representing 9.8 percent, followed by commercial real estate with 373 transactions, representing 8.9 percent, while agricultural real estate ranked fourth with 72 transactions, representing 1.7 percent of the total number of transactions.

In terms of the number of traded properties, the total number of properties traded in Sharjah reached 4,187 properties. The Residential Lands topped with 1,327 properties, followed by the Residential Apartments with 1,293 properties, then by the Residential Built-in Lands with 498 properties.

Investors from 88 nationalities

In terms of investors, 88 nationalities invested in Sharjah during H1 2023. The number of Emirati investors reached 7,033, and the number of Gulf countries’ investors reached 525. Moreover, the number of Arab investors reached 1,824, and the number of investors from other countries reached 1,278.

The total investment of Emirati investors amounted to AED8.8 billion with 10,877 properties, and the total investment of GCC investors, excluding Emiratis, reached AED 697.9 million with 672 properties.

As for the investment of Arabs, it amounted to AED2 billion with 2,023 properties, while the total investment of investors from other countries was AED2 billion, with 1,181 properties.

As for the highest nationalities which traded in Sharjah, they were, respectively: UAE nationals with 10,877 properties, Syria with 633, India with 473, Saudi Arabia with 302, Jordan with 282, and Iraq with 248 Real Estate.

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H.H. Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Deputy Chairman of Sharjah Executive Council (SEC), chaired on Tuesday, SEC’s meeting in the presence of H.H. Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Deputy Chairman of SEC.

During the meeting, various topics related to government affairs were discussed, along with the monitoring of community needs and efforts to meet them, ensuring a quality life for the citizens and residents of Sharjah.

In accordance with the directives of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, aimed at supporting Emirati families with suitable housing, the Council approved the second batch of housing support beneficiaries for the year 2023, comprising 548 beneficiaries with a total of AED 414 million.

This batch covers both loans and grants across all cities and regions of Sharjah, supporting new construction, completion, expansion, maintenance, and the provision of government housing.

Furthermore, the Council approved the second batch of beneficiaries who are exempt from repaying housing loans, converting them into grant recipients, resulting in a total exemption amount of AED 34 million for this year.

Since the inception of the Sharjah Housing Programme, the total housing support provided has reached AED 10 billion and AED18 million, benefiting 11,503 individuals.

Additionally, the Council reviewed the outcomes of the “Itqan” programme, which aims to review and assess the quality and effectiveness of private schools in Sharjah, ensuring they meet the required quality standards.

The report included evaluations of all private schools in the emirate based on 6 criteria, consisting of 17 indicators and 70 elements.

It also presented performance levels, progress ratios, and significant comparisons between the schools’ results from the last two evaluation cycles.

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Domestic economy’s resilience is reflected in the positive forecasts of international institutions and banks, including the IMF and World Bank

Despite the geopolitical ramifications that the global economy is currently facing, the UAE economy is poised for stronger growth, recovery, and prosperity in the second half of this year, supported by a track record of economic successes that have fructified into the UAE’s designation as an innovation-driven economy.

The domestic economy’s resilience, which has passed through the stage of recovery from the consequences of the Covid-19 pandemic, is reflected in the positive forecasts of international institutions and banks, including the IMF and World Bank. Such international recognitions speak for the UAE economy’s durability in the face of global geopolitical turmoil and adverse economic conditions, therefore verifying the success of the UAE leadership’s forward-looking vision.

“The UAE is poised for positive economic growth as it is projected to achieve a 3.6 percent increase in its gross domestic product this year, driven by robust domestic activity,” said the International Monetary Fund, recently.

Following an impressive growth rate of 7.9 percent in 2022, the UAE’s economy is expected to maintain its upward trajectory in 2023, benefiting from sustained tourism activity and higher capital expenditure, the IMF said in its 2022 Article IV assessment.

For its part, the World Bank has projected that the real GDP of the UAE will grow by 2.8 percent in 2023, as the non-oil sector is expected to achieve strong growth of 4.8 percent, driven by robust domestic demand, particularly in tourism, real estate, construction, transportation, and manufacturing sectors.

In a press conference held in Dubai recently to announce the new World Bank Gulf Economic Update (GEU) titled, “The Health and Economic Burden of Non-Communicable Diseases in the GCC”, the bank officials said that the current account balance in the UAE is expected to rise to 11.7 percent in 2023, as well. The report expected the UAE to achieve a surplus in public finances of 6.2 percent in 2023.

These international testimonies are consistent with the forecasts of the Central Bank of the UAE in its quarterly economic review, wherein the apex bank said that the UAE economy continued to grow at a solid pace in Q1 2023, “reflecting a strong performance of the non-oil sector, partially offset by a moderation in the oil segment of the economy. For 2023, growth has been revised down by 0.6 percentage points to 3.3%, reflecting oil production cuts agreed among OPEC+ members. The non-oil sector is expected to continue to support aggregate output, albeit at a more modest pace compared to 2022.”

TheUAE economy is expected to grow further this year for a variety of reasons, including a rise in the purchasing managers’ index to its highest level in five months, namely May this year.  The seasonally adjusted S&P Global UAE Purchasing Managers’ Index– a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy – posted 55.5 in May, indicating a robust improvement in the sector’s performance. Despite dropping from 56.6 in April to a three-month low, the index remained above the 50.0 no-change mark and its long-run average.

According to the S&P Global, the strong rise in new business underlined growing confidence across surveyed firms about economic prospects. Expectations towards activity over the next year improved for the fifth consecutive month in May to the highest level since late-2021.

The UAE’s progress in implementing comprehensive economic partnership agreements will help to improve trade and integration into global value chains, as well as attract more foreign direct investment, boosting national economic growth. Such partnerships are significant drivers for economic growth that create trade and investment opportunities and contributes to the vitality of regional and global trade

and investment flows.

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The value of real estate transactions in Sharjah during April this year has increased to AED2.8 billion, compared to AED1.7 billion in March, according to the Real Estate Transactions Movement Report, issued by Sharjah Real Estate Registration Department (SRERD),

“In light of the economic stability that characterises Sharjah, in addition to its prominent strategic location in the middle of the other emirates, this growth continues at an upward pace, making this sector a major attraction for local, Arab and foreign investors and enhancing the emirate’s position and reputation as a leading global destination,” said the report.

This remarkable growth is due to the continued activities of major real estate development companies in the smiling emirate. In addition, it is due to the financial facilities provided to the business sector and the integrated modern lifestyle that the emirate provides to its citizens and residents because of the development of infrastructure and the expansion of the road network and public service facilities. Moreover, the strength and flexibility of legislation and laws help to regulate and stabilising the real estate sector in the implementation of the directives of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the follow-up of H.H. Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah, and Chairman of Sharjah Executive Council (SEC), and their support and keenness to enhance the growth of this vital sector, considered one of the most contributing sectors to the economy of the emirate and the UAE.

The monthly report issued by the SRERD indicated that 2,614 real estate transactions were conducted by the department in April. The sales transactions constituted 19.3 percent of the total transactions, with 504 transactions, while the mortgage transactions were 585 transactions comprising 22.4 percent of the total transactions and with a total value of AED1.7 billion. The remaining 1,525 transactions were distributed over a group of other real estate transactions, with a percentage of 58.3 percent of the total transactions.

The report also revealed that the real estate market sales covered a total area of 4.6 million square feet, over 62 areas in various regions of the emirate of Sharjah. The types of real estate traded included residential, commercial, industrial, and agricultural land.

The number of transactions for units sold in towers totalled 187 transactions. As for land transactions, the number amounted to 122 transactions, while 195 transactions were attributed to the built-in land.

The report showed that Mezair’ah area ranked the highest in terms of the number of sales transactions in Sharjah due to two projects in the area, with 123 transactions, followed by Muwaileh Commercial with 89 transactions, Al-Khan area with 43 transactions, then “Rodat AlQarat” area with 29 transactions.

As for the most active areas in terms of monetary value, Al-Layah area came first with a trading volume of AED414.7 million, followed by Muwaileh commercial area with a trading value of AED180.9 million, “Mezair’ah area” with a trading volume of AED32.7 million, then Industrial Area 12 with a trading value of AED29 million.

In Sharjah’s central region, sales transactions were focused on Al-Qasimiah area, with ten transactions and a trading value of AED7.9 million.

As for Khor Fakkan, Al-Haray industrial area was the highest area in terms of the number of sales transactions, with two transactions, while “Al-Baradi 1” area recorded the highest trading value, which amounted to AED612,000.

Finally, in Kalba City, the “industrial area” was the highest area in terms of the number of sales transactions, with ten sale transactions. It also recorded the highest trading value, which amounted to AED4.1 million.

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Despite recession concerns and market turbulence, wealth is growing in some parts of the world — and at times, significantly so, according to a new report by investment migration consultancy Henley & Partners.

Hangzhou in China comes out on top of the list assessing the fastest-growing millionaire hotspots. The report found that between 2012 and 2022, the amount of individuals living there that have over $1 million worth of investable assets has soared by 105%.

As of the end of last year, 30,400 people living there fell into this category. Of those, 98 were so-called centi-millionaires, who held assets worth over $100 million, and 12 were billionaires.

Two further Chinese cities, Shenzhen and Guangzhou are also in the top 10, coming in third and seventh place respectively. The amount of ultra-rich people in Shenzhen jumped by 98% between 2012 and 2022, while Guangzhou noted an 86% increase.

Alongside China, the U.S. dominates the top 10 with three cities.

In the case of the U.S., however, all three cities are also in the top five. Austin, the state capital of Texas, took second place as its millionaire population grew by 102% between 2012 and 2022, while Florida’s West Palm Beach came fourth with a 90% increase, followed by Arizona’s Scottsdale with an 88% rise.

Andrew Amoils, head of research at wealth intelligence firm New World Wealth, which worked on the report with Henley & Partners, links the jumps to various factors.

Austin has benefited from the tech sector as many major companies have moved operations there in recent years, Amoils pointed out in a note published alongside the report. Meanwhile, Scottsdale is said to be attractive to tech entrepreneurs and retirees due to its “growing number of exclusive golf and lifestyle estates,” and West Palm Beach is a popular work-from-home destination.

Notably, no European cities are in the top 10.

“The US’s dominance over the global tech sector has probably played a role in European cities struggling. Also, Asia’s rise has probably damaged Europe more than the US,” Amoils told CNBC Make It.

Where wealth is declining

On the flip side, the amount of wealthy individuals in some cities has fallen significantly over the last decade. Moscow, Russia, has seen the biggest decline at 44%, and St. Petersburg noted the third largest dip at 38%.

That might be somewhat unsurprising due to the fallout from Russia’s ongoing war with Ukraine.

Other cities that have seen their ultra-rich populations fall include Johannesburg in South Africa, which had 40% fewer millionaires in 2022 than in 2012, Hong Kong, which saw a 27% drop, and London, where the ultra-wealthy population fell by 15%. All three of those cities are among the 10 locations with the biggest declines.

The world’s wealthiest cities

Hong Kong still made it back into a separate ranking of the top 10 wealthiest cities in the world, however. With a total of 129,500 individuals with over $1 million of investable assets, including 290 centi-millionaires and 32 billionaires, the city is the seventh most wealthy globally.

Hong Kong is one of just two new entrants on this list compared to Henley & Partners’ most recent report on the wealthiest cities in the world, which was published in September.

The top six have remained the same since, with New York taking the lead followed by Tokyo in Japan, the Bay Area which includes San Francisco and Silicon Valley, London in the U.K., Singapore and Los Angeles.

340,000 New Yorkers were found to have investable assets worth at least $1 million, with 724 of them being centi-millionaires and 58 of them being billionaires.

Chicago, Illinois, and Houston, Texas, which were seventh and eighth respectively last year, are no longer in the top 10. The decline of ultra-wealthy individuals in Chicago has become a pattern in recent years, Amoils says, adding that several big businesses have also left the city.

“Houston HNWIs dropped mainly due to oil price drop. When we did [the] last set of stats in June 2022, [the] oil price was at over $120, whilst it’s now around $80. The 10-year HNWI growth rate in Houston is still very healthy though at +65%,” Amoils said.

In place of Houston, China’s capital Beijing is now eighth, followed by Shanghai. They were previously ninth and 10th respectively, but a new entrant to the top 10 also rounds it out: Australia’s Sydney.

The top 10

These are the 10 cities that saw the largest increases of ultra-wealthy individuals between 2012 and 2022 — and how big the jumps are, according to Henley & Partners’ report.

1. Hangzhou, China (105%)
2. Austin, U.S. (102%)
3. Shenzhen, China (98%)
4. West Palm Beach, U.S. (90%)
5. Scottsdale, U.S. (88%)
6. Bengaluru, India (88%)
7. Guangzhou, China (86%)
8. Sharjah, United Arab Emirates (84%)
9. Ho Chi Minh City, Vietnam (82%)
10. Hyderabad, India (78%)

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