The United Arab Emirates (UAE) Cabinet has given its approval for a three-year federal budget amounting to Dhs192 billion for the period of 2024 to 2026. The announcement was made during a meeting held at Qasr Al Watan in Abu Dhabi, presided over by H.H Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai.
Budget Breakdown
For the year 2024, the Federal General Budget has estimated expenditures of Dhs64 billion, marking an increase of 1.6 percent from the Dhs63 billion allocated for the fiscal year 2023. The total estimated revenue for the same year is projected at Dhs65.7 billion, indicating a growth of 3.3 percent compared to the 2023 fiscal year.
Allocation of Funds
The federal budget for 2024 will be distributed across several key sectors to benefit citizens and residents. The largest portion of the budget, Dhs26.7 billion or 42 percent, will be dedicated to the social development and social benefits sector.
This allocation will be further divided among public and university education programs, healthcare and community protection, pensions, and public services.
Government affairs will receive Dhs25.2 billion or 39 percent of the budget, while additional federal expenses will be allocated Dhs7.2 billion or 11 percent.
The remaining budget will be split between infrastructure and economic resources (Dhs2.6 billion, 4 percent), and financial investments of nearly Dhs2.3 billion (4 percent).
Reflecting Economic Strength
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Prime Minister, Deputy Ruler of Dubai, and Minister of Finance, emphasized that the federal budget “reflects the strength of the national economy and the balance of expenditures and revenues.”
He added that it aligns with the directives of the wise leadership to achieve development and social needs for the coming years.
The approval of this substantial budget underscores the UAE’s commitment to fostering economic growth, social development, and financial stability in the coming years.