UAE cabinet approves $15bn Budget for economic development

By Rahul Vaimal, Associate Editor
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UAE Budget
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The UAE Cabinet approved the 2021 federal budget with an estimated amount of $15 billion (Dh58 billion) for the development of the economy.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai tweeted after approving the budget that, “The UAE economy will be among the fastest to recover in 2021, and the government has dealt with the 2020 budget efficiently and has all the tools to continue its financial and operational efficiency in 2021”.

Sheikh Mohammed said work will continue on vital national projects in 2021 and growth will remain a priority.

He stated, “The federal budget in 2021 keeps pace with global economic changes without compromising national development priorities. Our message to all federal entities for the fiscal year 2021 is to have balance in spending, flexibility in plans, and efficiency in budgets”.

The 2021 budget of the UAE is slightly smaller than the 2020 budget of $16.70 billion (Dh61.35 billion), which was the largest since the country was established.

The budget represents the strength of the national economy and the availability and durability of capital available even during the pandemic to finance development, economic and social projects.

The budget was divided between different industries to strike a balance between expenditure and income. It aims to increase the standard of living and provide a better life for people and residents of the UAE, as allocations were made for a range of sectors, including social development, the reinforcement of the education sector and the improvement of the quality of health care.

The Cabinet ordered all federal departments to include the UAE’s media identity in the federal government agencies’ programs and operations, as well as in the key campaigns and events coordinated and overseen by the entities and their affiliates.

The Cabinet also reviewed a report during its session on the most significant accomplishments of the Emirates Investment Authority since its formation in 2007.

The ratification of six international trade agreements with six new countries on the African continent was accepted by the Cabinet.

Sheikh Mohammed said, “Our relations with Africa are on the rise and we are among the largest global investors in its economic path”.

The restructuring of the Emirates Youth Council, led by Minister of State for Youth Shamma Bint Suhail bin Faris Al Mazrouei, was approved by the Cabinet. New responsibilities aimed at accelerating youth development in all fields are delegated to the Council.

The Cabinet approved the final account of the Emirates Real Estate Corporation for the 2019 financial year. The corporation’s revenue rose by 23 percent over the previous year.

The Cabinet has reviewed the report submitted by the Community Development Ministry on the accomplishments of the Task Force set up to monitor volunteering during crises.