The UAE Cabinet has approved a Dhs192 billion federal budget for the years 2024-2026, according to the government.
The Cabinet used the three-year budget as well as the Federal General Budget for 2024 during a meeting at Qasr Al Watan in Abu Dhabi walked by H.H Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai. The estimated expenditure for next year is Dhs64 billion, a 1.6 percent increase above the Dhs63 billion given for fiscal year 2023. In terms of income, the UAE’s overall expected revenue is Dhs65.7 billion, reflecting a 3.3% increase over the fiscal year 2023.
According to the official news media wam, H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Prime Minister, his deputy King of Dubai, and Minister of Finance, the federal budget “reflects the strength of the national economy, and the balance of expenditures and revenues, in line with the directives of the prudent government to achieve development and social needs in the coming years.”
How will the 2024 budget be used?
The federal budget for 2024 will be divided into many key industries that will assist people and residents.
The social development and social services sector would receive the lion’s share of the budget, Dhs26.7 billion (42%). This 42% will be allocated to public and university education, healthcare and community safety, pensions, and public services.
A further Dhs25.2 billion (39%) will be gave to government affairs, with a further Dhs7.2 billion (11% allocated to extra federal costs).
The remaining budget will be divided between infrastructure and economic resources (Dhs2.6 billion, 4%), and financial investments (about Dhs2.3 billion, 4%).
