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Dh58 billion budget will put UAE on path to early recovery

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01 Nov 2020

Dh58 billion budget will put UAE on path to early recovery

Dh58 billion budget will put UAE on path to early recovery
Source: Khaleej Times

The UAE Cabinet on Sunday approved a Dh58 billion budget for 2021 with development of vital national projects remaining the government’s top priority.

“The UAE economy will be among the fastest to recover in 2021, and the government has dealt with the 2020 budget efficiently and has all the tools to continue its financial and operational efficiency in 2021,” His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said in a tweet after approving the budget.

Sheikh Mohammed said work on vital national projects will continue in 2021 and their development will remain a priority.

“The federal budget in 2021 keeps pace with global economic changes without compromising national development priorities. Our message to all federal entities for the fiscal year 2021 is to have balance in spending, flexibility in plans, and efficiency in budgets,” he said.

.@HHShkMohd: The #UAE Cabinet has approved the budget for 2021 with an estimated expenditure of AED 58 billion. Work on vital national projects will continue in 2021 and their development will remain a priority. pic.twitter.com/SWOd0oMcBm

— Dubai Media Office (@DXBMediaOffice)  November 1, 2020

The UAE’s 2021 budget is slightly smaller from 2020 budget of Dh61.35 billion, which was the largest budget since the establishment of the country.

The budget reflects strength of the national economy and the abundance and sustainability of resources to finance development, economic and social projects even during the pandemic time.

The budget has been distributed among various sectors to achieve a balance between expenditure and revenues. It aims to raise living standards and provide a decent life for citizens and residents in the UAE, as allocations were made for a number of sectors including social development, strengthening the education sector, improving quality of healthcare to ensure the highest levels of medical services to residents and supporting housing programmes for citizens.

The Cabinet directed all federal entities to include media identity of the UAE in the initiatives and activities of the federal government agencies and as well as for main campaigns and events organised and supervised by the entities and their affiliates.

.@HHShkMohd: The #UAE Cabinet also approved the ratification of six international economic agreements with six new countries in the African continent. Our relations with Africa are on the rise and we are among the largest global investors in its economic path. pic.twitter.com/hXAKFNJEbQ

— Dubai Media Office (@DXBMediaOffice)  November 1, 2020

During its Sunday’s session, the Cabinet also reviewed a report on the most important achievements of the Emirates Investment Authority since its establishment in 2007.

The Cabinet approved the ratification of six international economic agreements with six new countries in the African continent.

“Our relations with Africa are on the rise and we are among the largest global investors in its economic path,” Sheikh Mohammed said.

Read the full article here: https://www.khaleejtimes.com/business/economy/dh58-billion-budget-will-put-uae-on-path-to-early-recovery

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