UAE Cabinet approves AED 290 billion federal budget

The UAE Cabinet has approved a federal budget of AED 290 billion for 2022-2026.

The spending plan was adopted during a Cabinet meeting chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

The meeting was held at Expo 2020 Dubai's UAE Pavilion.

. @HHShkMohd chairs a cabinet meeting at UAE Pavilion, @expo2020dubai. During the meeting, His Highness announced the federal budget of AED290 billion up to 2026. pic.twitter.com/pGOZ8hCb2K

— Dubai Media Office (@DXBMediaOffice) October 12, 2021

The budget for the year 2022 has been set at AED 58.93 billion with the largest share allocated to the development and social benefits sector (41.2%), out of which 16.3% has been set aside for education, 6% for social development, 8.4% for health, 8.2% for pensions and 2.6% for other services.

Around 3.8 per cent of the budget has been allocated to the infrastructure and financial resources sector.

The Cabinet also decided to appoint His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance, as Chairman of the General Budget Committee and Chairman of the Federal Tax Authority's Board of Directors.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs has been appointed in the board.

Meanwhile, Sheikh Shakhbout Nahyan Al Nahyan has been appointed as Chairman of the Executive Committee of the UAE-Saudi Coordination Council, while Abdullah bin Sultan Al Nuaimi will serve as Chairman of the Judicial Coordination Council.

Other Cabinet announcements include:

• Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs has been appointed as Chairman of the General Pension and Social Security Authority and Chairman of the Etihad Credit Insurance.
• Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs has been appointed Chairman of the Board of Trustees of the Higher Colleges of Technology.
• Mariam Al Muhairi, Minister of Climate Change and Environment, has been appointed Chair of the UAE Council for Climate Change and Environment.
• The cabinet also approved the re-formation of the Board of Directors of Emirates General Petroleum Corporation, chaired by Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, for a three-year renewable term.
• The cabinet approved the establishment of the UAE Infrastructure and Housing Council headed by Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure and membership of representatives from local governments and representative of the Executive Committee of the Initiatives of His Highness the President of the UAE.
  • The council is mandated to ensure integration and comprehensiveness in the planning and implementation of infrastructure and housing projects.
  • The Council is tasked with developing a detailed study on housing needs over the next twenty years, the study should be presented to the cabinet within one month.
• The cabinet approved the dissemination of cybersecurity standards developed by the UAE Cybersecurity Council.
  • The standards are aimed at developing a comprehensive cybersecurity strategy and creating a safe and strong cyber infrastructure in the UAE.
• The cabinet approved amending the Federal Law regarding the Imposition of a Federal Tax on the Imports of Tobacco and its Derivatives.