The UAE Cabinet has given its approval to a federal budget totaling AED192 billion ($52.27 billion) for the period of 2024 to 2026.
The Cabinet has also granted its approval to the Federal General Budget for 2024, which outlines projected expenditures of AED64.06 billion and anticipated revenue amounting to AED65.73 billion.
Read more: UAE Central Bank’s general budget hits record high of AED 560 bn
In the upcoming year’s distribution, 42 percent of the budget has been allocated to the development and social benefits sector, while 39 percent has been allocated to government affairs. The remaining 19 percent has been earmarked for the development of infrastructure, as well as financial and economic assets of the federal government.
Under the chairmanship of Sheikh Mohammed bin Rashid, the Prime Minister and Ruler of Dubai, the meeting took place at Qasr Al Watan in Abu Dhabi.
UAE’s commitment
In a social media post, Sheikh Maktoum bin Mohammed, the Deputy Prime Minister, Minister of Finance, and Deputy Ruler of Dubai, expressed that the budget signifies the UAE’s unwavering dedication to sustainable development and prioritizing the well-being of its citizens.
In June, the UAE General Budget Committee convened to deliberate on the draft general budget for the year 2024.
Supported by its non-oil sector, the UAE economy experienced a significant growth of 7.9 percent last year, marking the highest growth rate in 11 years. This follows an expansion of 4.4 percent in 2021.
Economic growth
In August, Abdulla bin Touq Al Marri, the UAE minister of Economy, announced that the country’s economy experienced a 3.8 percent annual growth, reaching AED418.3 billion in the first quarter of this year, driven by the country’s continued efforts towards diversification. This growth was primarily propelled by a 4.5 percent year-on-year increase in non-oil gross domestic product, amounting to AED312 billion.
New drug authority
Sheikh Mohammed further announced that the UAE government has enacted a law to establish the Emirates Drug Authority, serving as an independent federal regulatory body overseeing pharmaceutical and healthcare products. Writing on X (formerly known as Twitter), he stated that this official institution has the responsibility of regulating and granting licenses for various categories of products, including medical and pharmaceutical items, healthcare products, nutritional supplements, cosmetic products, veterinary products, and those pertaining to agriculture.
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