His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, announced the launch of the 2027-2029 federal budget cycle, a strategic initiative set to significantly impact key sectors and advance the nation’s long-term vision. This new budget cycle, projected to reach AED900 billion ($245 billion) over four strategic cycles, aligns with the Federal Government’s planning cycle under His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, aimed at achieving the ‘We the UAE 2031 Vision.’
In a tweet on his X account, His Highness Sheikh Maktoum emphasized the budget’s importance, stating, “The budget cycle will play a key role in the development of the UAE’s public financial system and is part of our government approach driven by proactivity, flexibility, and policy integration.”
The 2027-2029 budget cycle is crafted with several key features aimed at fostering sustainable growth and enhancing the well-being of citizens and residents. It places a strong emphasis on vital sectors that directly impact people’s lives, including education, healthcare, and social welfare. Furthermore, the budget supports sustainability, efficiency, and the integration of artificial intelligence across government operations.
Empowering federal entities for high-quality services
A core objective of this budget cycle is to empower federal entities to deliver high-quality, efficient, and flexible services, reflecting a renewed vision for public administration. Resources have been strategically allocated to achieve maximum developmental, social, and economic impact, contributing to the broader objectives of the UAE Centennial 2071, H.H. Sheikh Maktoum further added.
H.H. Sheikh Maktoum reiterated the Ministry of Finance’s commitment to utilizing the public budget as a strategic tool to enhance the UAE’s global competitiveness across all sectors. H.H. also emphasized that the ambition of the nation’s talented young professionals is a driving force behind these initiatives, with limitless potential to solidify the UAE’s position at the forefront of nations.
By the end of 2024, the value of federal government assets is projected to reach AED464.4 billion, underscoring the robust financial foundation supporting these ambitious plans.
