Sheikh Mohammed Allocates DH192 Billion federal budget for 2024 - 2026
The Cabinet of the United Arab Emirates has given its approval to the Federal General Budget proposal for the years 2024–2026, which comes in at a total of Dh192 billion. Spending on social programs accounts for 42% of the total budget, surpassing the 39% allocated to government spending. The other eleven percent is allocated to cover a variety of other expenditures incurred by the federal government. Four percent is allocated to financial assets and investments, four percent to economic and infrastructure resources, and the remaining eleven percent is allocated to pay other federal costs.
Key Budget Figures
- Estimated expenditures for 2024 are Dh64.06 billion, while revenues are projected to be Dh65.72 billion.
- Revenue is projected to increase by 3.3% from 2023 levels, while expenses are predicted to expand by 1.6% in 2024.
- Sheikh Mansour bin Zayed Al Nahyan has established the Financial Stability Council to safeguard the UAE's financial system and guarantee stability.
- The United Arab Emirates Drug Corporation is charged with overseeing the distribution of pharmaceuticals and medical supplies in the country.
- Efficiency and effectiveness in providing government services are goals for the Digital Government Service Policy.
- Sarah bint Yousif Al Amiri now serves as chair of the UAE Space Agency's Board of Directors.
- Several treaties with foreign nations and institutions have been signed.
- There is now an official strategy for distinguishing between cities and rural regions.
- As part of the National In-Country Value (ICV) Programme, industrial enterprises have had their fees for Ministry of Human Resources and Emiratization services cut.
- The Ministry of Economy has revised the fees for its industrial property services, including a 50% decrease for small and medium-sized enterprises.
- DNA fingerprinting, non-Muslim civil personal status, cooperatives, and an excise tax have all been given the go-ahead by the executive branch.
Other cabinet decisions
The opening of embassies in Venezuela and the Dominican Republic was approved by the UAE Cabinet. To increase the United Arab Emirates' (UAE) role in combating climate change, the government authorized hosting three international events and reorganizing the National Communications Higher Committee's board of directors.
Media Exemptions for COP28 Coverage
During the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28) from November 30 to December 12, 2023, media outlets will be temporarily exempt from certain federal fees.
Fees for frequency spectrum services and wireless equipment, as well as those for entrance permits for equipment and cameras accompanying media professionals, are waived. There will be about 5,000 journalists at COP28 and over 2,500 gadgets that need access to the radio airwaves.