UAE Cabinet approves Dhs192 billion federal budget for 2024 - 2026
The Cabinet also outlined the Federal General Budget 2024 with total estimated expenditures of Dhs64 billion…
The UAE Cabinet has approved a three-year federal budget of Dhs192 billion for the years 2024 to 2026, officials have announced.
During a meeting at Qasr Al Watan in Abu Dhabi chaired by H.H Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai, the Cabinet approved the three-year budget, as well as the Federal General Budget for 2024. Next year, the forecasted expenditure is Dhs64 billion, an increase of 1.6 percent from the Dhs63 billion allocated for the fiscal year 2023. In terms of revenue, the UAE total estimated revenue is valued at Dhs65.7 billion, marking a growth of 3.3 per cent versus the 2023 fiscal year.
#UAE Cabinet meeting chaired by @HHShkMohd, approves Federal General Budget 2024-2026 totaling AED192 billion. The meeting also approves Federal General Budget 2024 with total estimated expenditures of AED 64 billion and total estimated revenues of AED 65.7 billion. pic.twitter.com/oK05FLX9lX
— Dubai Media Office (@DXBMediaOffice) October 9, 2023
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Prime Minister, Deputy Ruler of Dubai and Minister of Finance emphasised that the federal 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,” according to state news agency, wam.
How will the 2024 budget be used?
The federal budget for 2024 will be distributed between a number of key areas to benefit citizens and residents.
The largest part of the budget, Dhs26.7 billion (42 per cent), will be dedicated to the social development and social benefits sector. That 42 per cent will be divided between public and university education programs, healthcare and community protection, pensions and public services.
A further Dhs25.2 billion (39 per cent) will be allocated to government affairs, and Dhs7.2 billion (11 per cent) allocated to additional federal expenses.
The remaining budget will be divided between infrastructure and economic resources (Dhs2.6 billion, 4 per cent), and financial investments of close to Dhs2.3 billion (4 per cent).