UAE Cabinet Approves Federal Budget for Fiscal Year 2024

UAE Cabinet Approves Federal Budget for Fiscal Year 2024

The UAE Cabinet has approved the federal budget for the fiscal year 2024, marking a significant step in the nation’s economic planning. The approval came during the General Budget Committee’s eleventh meeting at Qasr Al Watan in Abu Dhabi, chaired by Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court.

The approved budget reveals total revenues of Dh65.728 billion and expenditures amounting to Dh64.060 billion. This decision is part of a broader budget plan spanning from 2022 to 2026, reflecting the UAE’s strategic approach to financial management.

In preparation for the 2025 federal budget, the Ministry of Finance collaborated with various federal entities, taking into account changes in both local and global economic conditions. The committee’s directives emphasized the need to complete the requisite procedures for the draft federal budget, which will subsequently be submitted to the Cabinet. This process adheres to the guidelines set out in Federal Decree-Law No. (26) of 2019 on public finance and its subsequent amendments.

A thorough review of the federal government’s financial standing for 2024 was conducted, highlighting the actual expenditures and revenues for the first half of the fiscal year. The analysis revealed encouraging indicators of the UAE’s growing national economy, evident in various sectors and activities.

The committee also received updates on capital and developmental projects approved in the initial months of the 2024 fiscal year. These projects underscore the UAE’s continuous efforts towards economic prosperity and sustainable growth.

The session demonstrated a commitment to fiscal prudence, strategic planning, and economic resilience, reinforcing the UAE’s dedication to ongoing prosperity and progress.

News Source: Khaleej Times

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