UAE cabinet approves Dh192 billion budget for 2024-2026

The cabinet even established the Emirates Drug Authority to control pharmaceutical and healthcare items.

In a significant move, the UAE Cabinet has given its approval to a federal budget totaling Dh192 billion ($52.27 billion) for the three-year period spanning from 2024 to 2026.

2024 Federal General Budget Details

For the year 2024, the UAE Cabinet has outlined a Federal General Budget with specific details:

• Estimated Spending: The budget for 2024 is estimated at Dh64.06 billion. This figure represents the total amount the government plans to spend during the year on various programs and initiatives.
• Revenue Projection: The revenue projection for 2024 is Dh65.73 billion. This estimate signifies the expected income and inflow of funds that the federal government anticipates receiving in the same year.

Budget Allocation for 2024

The allocation of the budget for 2024 has been carefully planned with the following breakdown:

• Development and Social Benefits (42%): A significant portion, accounting for 42% of the budget, is designated for the development and social benefits sector. This allocation likely includes funding for essential areas such as education, healthcare, and social welfare.
• Government Affairs (39%): Nearly 39% of the budget is allocated to government affairs. This portion is likely dedicated to covering the operational expenses of government institutions, ensuring the smooth functioning of various government departments and agencies.
• Infrastructure and Financial Assets (19%): The remaining 19% of the budget is directed toward the development of infrastructure and the enhancement of financial and economic assets owned by the federal government. These investments are crucial for the country’s economic growth and development.

Leadership and Decision-Making

The crucial decisions regarding this budget were made during a meeting held at Qasr Al Watan in Abu Dhabi. The meeting was chaired by Sheikh Mohammed bin Rashid, who holds the positions of both Prime Minister and Ruler of Dubai.

This approved budget and its allocations reflect the government’s strategic priorities and financial planning for the years 2024 to 2026, underlining their commitment to various sectors and initiatives aimed at promoting the nation’s well-being and economic development.