UAE Cabinet approves federal budget

@DXBMediaOffice/ Twitter

The UAE Cabinet has approved the country’s federal budget for the 2023-2026 period.

The total expenditure will be AED 252.3 billion and the estimated revenue is AED 255.7 billion.

This was announced during a Cabinet meeting in Abu Dhabi, which was chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

"The Federal Budget is a major driver of the government’s development ambitions and plans," said Sheikh Mohammed.

The 2023 budget takes into account total estimated expenses of AED 63.066 billion and estimated revenues of AED 63.613 billion.

Social development and benefits represent the largest proportion of the 2023 budget at 39.3 per cent, followed by government affairs (38%).

The rest of the budget was allocated for infrastructure and economic resources (3.8%), financial assets and investments (3.4%), while other federal expenses account for 15.5 per cent.

The Cabinet reviewed the UAE Railway Programme, which is the largest infrastructure project in the country, linking 11 cities, 7 logistics centres and four ports.

It also approved plans to organise a celebration to mark the 50th anniversary of UAE- Egypt ties under the slogan "UAE and Egypt… One Heart", which includes a three-day event in the Egyptian capital Cairo, during the month of October.

Several international agreements with a number of friendly countries, including Kuwait, Czech Republic, Bulgaria, Eswatini, and the Republic of the Congo were approved during the meeting.

More from Local News