The UAE has announced the federal budget for 2024-2026 as it looks to set spending for the years ahead.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, chaired the UAE Cabinet meeting at Qasr Al Watan, Abu Dhabi, which approved the spending plan.
The greatest portion of the forthcoming budget will be allocated to social development and benefits.
UAE announces federal budget
Sheikh Mohammed said: “Today, I chaired the UAE Cabinet meeting at Qasr Al Watan in Abu Dhabi, during which we approved the Federal General Budget 2024-2026 totalling AED192bn.
“The investment in social development and benefits represents 42 per cent of the budget, followed by government affairs, at 39 per cent.
“The rest of the budget was distributed to investments in infrastructure and economic resources as well as financial assets and investments together with other federal expenses.”
Also, the Cabinet approved the Federal General Budget 2024 with a total of estimated expenditures of AED64.06bn ($17.4bn), and estimated revenues of AED65.728bn ($17.9bn).
According to the budget, the UAE estimates growth in expenditures in the fiscal year 2024 will reach 1.6 per cent with a growth rate of 3.3 per cent in revenues, compared to the 2023 fiscal year.
Investments in social development and benefits represent a large proportion of the UAE Federal Budget 2024 at 42 per cent, followed by government affairs with 39 per cent of the budget.
The rest of the budget was distributed to the infrastructure and economic resources by 4 per cent, and the financial assets and investments by 4 per cent.
Other federal expenses amount to 11 percent of the budget.
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