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Tue 29 Oct 2019 02:32 PM

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UAE approves $16.6bn budget for 2020 with no deficit

Sheikh Mohammed says 2020 'will be the beginning of a new development decade' for the UAE

UAE approves $16.6bn budget for 2020 with no deficit

Sheikh Mohammed bin Rashid, the UAE's Prime Minister and Vice President and Ruler of Dubai.

Sheikh Mohammed bin Rashid, the UAE's Prime Minister and Vice President and Ruler of Dubai, announced on Tuesday a AED61 billion budget ($16.6 billion) has been approved for 2020.

Sheikh Mohammed said in a tweet that he has presided over a meeting of the Council of Ministers during which "we approved the budget of the Union for the year 2020 with a total of 61 billion dirhams and without a deficit".

He said that one third of the budget is allocated to the social development sector, one third to government affairs and the rest to infrastructure, economic resources and living benefits.

"2020 will be the beginning of a new development decade," he added in the tweet.

The AED60.3 billion federal budget set last year was part of a three-year, AED180 billion budget for 2019-21.