Dubai: Private sector leaders hailed the budget, saying, despite the economic situation, the government has increased sectoral allocation and spending — a good sign that the UAE economy will continue to grow.

Yousuf Ali, Managing Director of EMKE Group and Director of Abu Dhabi Chamber of Commerce and Industry, said: "A very well balanced and forward looking budget with stress on social sector development. To come up with a zero deficit budget that too during such challenging times is in itself a commendable achievement and I congratulate the authorities for this."

Strong message

"This will send out a strong message to both local business community here and the international market about the robustness of the UAE's economy and how it was able to withstand global slowdown.

"During the height of this recession, there were scepticism in the minds of many people about the growth prospects of the UAE, especially with the real estate industry taking a big hit. But the timely actions and market interventions by the authorities have yielded tremendous results," Ali said.

Consistency

Jitendra Gianchandani, Managing Partner, Jitendra Chartered Accountants, said: "The UAE government shows the consistency for presenting sixth consecutive zero deficit budget, also budget reflects no compromise on the quality of the education, health and social affairs, as 41 per cent are allocated to social development sector."

"Not only that budget has considered strengthening nation's security, this will give sense of security to the internal and external community.

"I am sure this budget is outstanding and doesn't reflects recession what's so ever," he said.