UAE Cabinet Approves The 2024-2026 Federal Budget

Prime Minister and Vice President of United Arab Emirates, Sheikh Mohammed bin Rashid Al Maktoum gave green signal to 2024-2026 federal budget. Mr. Mohammed believe that federal budget is “an essential pillar” in the development process of UAE.

The total estimated expenditure of the federal budget is 252.3 billion AED and the estimated revenue is 255.7 billion AED. Mr. Mohammed said, “The Federal Budget is an essential pillar in the UAE”s development process, and the directives of our wise leadership help us achieve our development and social requirements for the coming years”. He also added that the main motive of the federal budget is for ensuring that the federal government is able to work with financial efficiency that is of highest standard. Minister of State for Financial Affairs, His Excellency Muhammed Bin Hadi Al Hussaini said that the federal budget”s draft for the 2023 fiscal year was approved on the grounds of Federal Decree Law Number 26 of 2019 on public finance. The approach is to maximise the government”s efficiency optimal use of its financial resources in significant sectors and therefore adding to the goals and policies for the developments of the country.

The federal budget was moulded for accommodating the sectors that are socially benefitting, government affairs, financial investment and other federal expenses. Mr. Mohammed indicates that the federal budgets aims at increasing the level of security and happiness of all the community members and also for investing new infrastructure and improving the economic atmosphere of the country.

24.8 billion AED was allowed for social development and social benefit sector, 9.8 billion AED is for the education programmes of the public and university, 4.8 billion AED is for the healthcare and community protection. Another 3.5 billion AED were allowed for social affairs and 5 billion AED is allocated for pensions.