Sheikh Mohammed said that the budget was sustainable and balanced…

The UAE Cabinet announced the 2023 to 2026 budget during a meeting chaired on Monday, which will see the total expenditure over the next three years reach an estimated Dhs252.3 billion. The revenue was also estimated as Dh255.7bn.

The Cabinet meeting, which took place at Qasr Al Watan in Abu Dhabi, was chaired by H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai. Speaking of the budget, Sheikh Mohammed said that it was “sustainable and balanced,” and would be a “major driver of the government’s development ambitions and plans.”

Within that estimated expenditure, the budget for 2023 has been allocated as expenses of Dhs63.066 billion, with estimated revenues of Dhs63.613 billion. According to the budget, the UAE estimates 11 per cent growth in revenue across the next fiscal year, with a growth rate of 3.9 percent in expenditures.

According to Dubai Media Office, the largest portion of the federal budget will be assigned to social development and benefits at 39.3 per cent. Thereafter, 3.8 per cent will be used against infrastructure and economic resources, financial assets will be 3.4 per cent, and other federal expenses will use 15.5 per cent of the 2023 budget.

During the same meeting, the UAE Cabinet reviewed the developments of the UAE Railway Programme, which is currently working to link 11 cities, 7 logistic centres and 4 international ports across the UAE. The Cabinet approved a number of decisions regarding the logistics of the project, with Sheikh Mohammed re-iterating that “this project will change the infrastructure map in the country.”