The UAE announces a budget plan worth $52.3 billion
The UAE Cabinet has given its approval to the budget expenditure plans for the years to come
As part of its efforts to determine future spending levels, the United Arab Emirates (UAE) has presented its proposed government budget for the years 2024-2026.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the United Arab Emirates, Prime Minister of the United Arab Emirates, and Ruler of Dubai, presided over the United Arab Emirates Cabinet meeting that took place at Qasr Al Watan, Abu Dhabi, to approve the spending plan.
The largest chunk of the next budget will be set up for social programs and improvements like perks and programs.
The UAE has released their government budget
Sheikh Mohammed stated the following: "Today, I presided over the UAE Cabinet meeting at Qasr Al Watan in Abu Dhabi, during which we approved the Federal General Budget 2024-2026 with a total of AED192 billion."
"The budget is broken down as follows: social development and benefits account for 42% of the total, followed by government affairs at 39%.
"The remaining funds in the budget were allocated to investments in economic resources and infrastructure, as well as financial assets and investments, in addition to other expenditures incurred by the federal government."
In addition, the Cabinet gave its approval to the Federal General Budget 2024, which is projected to have a total expenditure of AED64.06 billion ($17.4 billion) and a total income of AED65.728 billion ($17.9 billion).
According to the budget, the United Arab Emirates (UAE) anticipates that the growth rate of revenues will reach 3.3 percent during the fiscal year 2024, while the growth rate of expenditures will reach 1.6 percent, in comparison to the fiscal year 2023.
The United Arab Emirates Federal Budget 2024 allocates a significant percentage of its funds—42 percent—towards investments in social development and welfare. This is followed by government affairs, which get 39 percent of the budget.
The remaining 4% of the budget was split equally between the financial assets and investments as well as the economic resources and infrastructure. These two categories each received 4% of the total budget.
11 percent of the total budget goes toward covering other government expenditures.