The federal budget is the highest in the UAE's history, and marks an increase of 17.3% compared to $14bn in 2018
The Federal National Council (FNC) has passed the UAE’s federal budget of $16.3 billion (AED60.3bn) for 2019, of which over 59% will go towards education and social development.
The budget is the highest of its kind in the country’s history, and marks an increase of 17.3% compared to $14bn (AED51.4bn) in 2018.
Abu Dhabi contributes around $4.7bn (AED17.1bn) to the 2019 budget, followed by Dubai at $327,000 (AED1.2bn). The rest, around, $11.4bn (AED42bn) comes from revenues earned by federal bodies.
A budget of $49bn (AED180bn) for 2019-2021 was approved in line with directives by UAE President Sheikh Khalifa Bin Zayed Al Nahyan to achieve Vision 2021 targets.
Moreover, social development programmes will receive $7bn (AED25.5bn), or 42.3% of the 2019 budget, compared to the 43.5% share allocated in 2018.
Education, on the other hand, will receive $2.8bn (AED10.25bn), 17%, and the health care will receive $1.2bn (AED4.4bn), 7.3%, both unchanged from this year.
Minister of State for Financial Affairs, Obaid Humaid Al Tayer, also said a draft law on health insurance for citizens has been approved by the Ministry of Fianance, and will be presented to the legislitative committee at the Justice Ministry and then the Cabinet for approval.
In addition, Al Tayer maintained that ministries and federal authorities service fees will remain unchanged for the next three years.
The fees include services for licences, registration and approvals charged by federal government departments, as well as registrations for businesses and intellectual property charged by the Ministry of Economy.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.