The UAE has publicized its budget for 2024-2026, intending to outline future expenditures.
The meeting of the UAE Cabinet, held at Qasr Al Watan, Abu Dhabi and chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, endorsed the financial plan.
The predominant share of the forthcoming budget will be designated for social development and welfare initiatives.
UAE announces federal budget
Sheikh Mohammed said: “Today, I chaired the UAE Cabinet meeting at Qasr Al Watan in Abu Dhabi, during which we approved the Federal General Budget 2024-2026 totalling AED 192B.”
“The investment in social development and benefits represents 42 per cent of the budget, followed by government affairs, at 39 per cent.”
“The rest of the budget was distributed to investments in infrastructure and economic resources as well as financial assets and investments together with other federal expenses.”
Additionally, the Cabinet has sanctioned the Federal General Budget for 2024, projecting total estimated expenditures of AED 64.06B ($13.8B) and estimated revenues of AED 65.728B ($14.2B).
As per the budget, the UAE anticipates a 1.6 percent increase in expenses for the fiscal year 2024, along with a revenue growth rate of 3.3 percent compared to the 2023 fiscal year.
Significant portions of the UAE Federal Budget 2024, 42 percent, are earmarked for investments in social development and welfare, followed by government affairs at 39 percent.
The remaining budget allocation is distributed to infrastructure and economic resources (4 percent) and financial assets and investments (4 percent), with other federal expenditures accounting for 11 percent of the total budget.