The UAE Cabinet has approved the federal budget 2024-2026 roadmap, with a total value reaching $52.27 billion (AED192 billion).
The Cabinet was chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai.
According to the statement, “The UAE Cabinet approved the Federal General Budget 2024 with a total of estimated expenditures of $17.44 billion (AED64.060 billion), and estimated revenues of $17.8 billion (AED65.728 billion). The UAE estimates growth in expenditures in the fiscal year 2024 will reach 1.6 percent with a growth rate of 3.3 percent in revenues, compared to the 2023 fiscal year.”
The approval of the Federal General Budget 2024 comes in line with the budget plan 2022-2026, considering the processes carried out by the Ministry of Finance in accordance with the provisions of Federal Decree Law No (26) of 2019 on Public Finance, and related executive decisions.
“The UAE, under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, dedicates its capabilities and resources to support vital sectors and accelerate growth to ensure the people of the UAE have access to the necessities of a decent life, including health, education, and social care. the federal general budget 2024-2026 roadmap sets the overarching framework for the federal government’s financial program through optimal use of resources, diversifying government revenue sources, and maintaining a cautious and rational spending policy to continue supporting the paths of economic and social development that reflect on the citizens, residents, and visitors.”
His Highness further added that, “The federal general budget reflects the strength of the national economy, and the balance of expenditures and revenues, in line with the directives of the wise leadership to achieve development and social needs for the coming years, and work to ensure the achievement of sustainable development by adopting the highest degrees of financial flexibility and efficiency for the federal government.”
Mr. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, confirmed that the adoption of the federal general budget for the fiscal year 2024 was based on the provisions of Federal Decree-Law No. (26) of 2019 concerning public finance. The Ministry followed the best international standards and practices to achieve the developmental objectives and policies of the UAE and keep pace with global economic shifts by enhancing the efficiency of government spending and optimal use of financial resources in strategically important sectors.
Mr. Al Hussaini pointed out that the federal budget reflects the strength of the national economy and the abundance and sustainability of resources to finance developmental, economic, and social projects.
The distribution for next year allocates 42 percent of the budget to the development and social benefits sector, 39 percent to government affairs, and 19 percent for the development of infrastructure and financial and economic assets of the federal government, as per the statement.