The UAE Cabinet, chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved the federal budget for 2022-2026 with a total expenditure of AED290 billion ($79 billion).
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance, noted that this approval is a testament that the UAE Government, under the leadership of President Sheikh Khalifa bin Zayed Al Nahyan, will continue to work to achieve the happiness, security, and decent life for the UAE people, reported state news agency WAM.
He pointed out that approving the largest budget in the UAE’s history reaffirms that a decent life for the UAE people will always be a top priority, and building a more balanced national economy is a basic approach to achieving the comprehensive development of the Union.
He also noted that the wise leadership has laid solid foundations for government work – ones that help achieve the country’s strategic goals and support its path towards sustainable economic and social development, which is a key pillar for the next 50 years.
He reaffirmed that directing financial resources to achieve development goals in the UAE is a priority for the wise leadership, stressing on the importance of investing in human talent by continuing to improve education, health and social development sectors. That, in addition to creating a flexible business environment and consolidating the pioneering infrastructure that the country enjoys – in order to advance the foundations of digital and knowledge-based economy.
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, stated that the federal general budget draft for the cycle 2022-2026 was approved in accordance with the provisions of Federal decree law No. 26 of 2019 on public finance and international best practices. This comes with the aim of directing government spending and raising its efficiency, to enable federal entities to implement and achieve their goals and programmes with the desired efficiency.
Mohamed Hadi Al Hussaini stressed on the importance of cooperation between the Ministry of Finance and various federal entities on budget preparation procedures.
He noted that based on the directives of the wise leadership, the 2022 budget was allocated to upgrade government services, provide the highest levels of social care, health and educational services, bolster infrastructure, and create an attractive development and economic environment.
The Ministry of Finance presented the federal general budget draft for the fiscal year 2022 as part of the cycle 2022-2026 to the Cabinet, in light of the recovery of the national economy and the various activities of economic sectors in the country, with a total of AED58.93 billion.
The 2022 budget was distributed as follows:
Social development/ benefits AED24.2 billion (41.2 percent of the total general budget) were allocated to social development and social benefits programmes.
AED9.6 billion (16.3percent of the total general budget) were allocated to public and university education programmes.
AED6.1 billion (10.4percent of the total general budget) were allocated to public education programmes.
AED3.5 billion (5.9percent of the total general budget) were allocated to university education.
AED4.9 billion (8.4percent of the total general budget) were allocated to health care and community protection to provide the highest levels of health care services.
AED3.5 billion (6percent of the total general budget) were allocated to programmes to guarantee social rights and social integration at the Ministry of Community Development, reaffirming the country’s care for groups that deserve support, and providing subsidies to special groups that need care.
AED4.8 billion (8.2percent of the total general budget) were allocated for social benefit programmes/pensions, implementing the wise leadership's directives to provide a decent life for retired civil and military workers.
AED1.5 billion (2.6percent of the total general budget) were allocated to other services.
2. Government Affairs AED21.5 billion (36.5percent of the total general budget) were allocated to general government affairs sector, to manage government affairs, provide the finest security services, achieve justice for all society members, and implement the wise leadership’s vision to have the UAE as a secure and safe country for citizens and residents.
AED2.3 billion (3.8percent of the total general budget) were allocated for infrastructure and economic infrastructure.
AED19.4 billion (32.9percent of the total general budget) were allocated to the social development sector.
AED8.5 billion (14.5percent of the total general budget) were allocated for other federal expenses.
AED2.4 billion (4percent of the total general budget) were allocated for financial investments.
AED980.5 million were allocated for federal projects, with an amount of AED751.5 million allocated for energy and infrastructure projects.
Source: Trade Arabia