UAE Cabinet approves $68.6 billion federal budget for 2023-2026

The UAE Cabinet, chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister and Ruler of Dubai, has approved the 2023-2026 federal budget with an estimated total expenditure of AED252. $255.7 billion ($69 billion) in revenue Ten thousand.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, attended the meeting; and Lieutenant General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior.

Sheikh Mohammed said the federal budget was the main driver of the government’s development ambitions and plans.

“We reviewed plans for the UAE railways…the largest infrastructure project in the UAE, linking 11 cities, 7 logistics centres and 4 international ports in the country…in Sheikh Mohammed bin Zayed The project will transform the infrastructure map of the country,” he said.

Regarding the federal general budget for 2023-2026, Sheikh Mohammed said: “The budget for 2023 has been allocated with an estimated total expenditure of Dh63.066 billion and an expected total revenue of Dh63.613 billion.”

According to Wam, according to budget estimates, the UAE will see revenue growth of 11 percent in fiscal 2023 and spending growth of 3.9 percent.

Social development and welfare will account for the largest share of the UAE’s 2023 federal budget at 39.3%, followed by government affairs at 38% of the budget.

The rest of the budget is allocated to 3.8% of infrastructure and economic resources, and 3.4% of financial assets and investments. Other federal spending accounts for 15.5 percent of the 2023 federal budget, the report said.

It added that the UAE Cabinet has also reviewed the development of the UAE Railways Plan, which will continuously strive to reduce carbon dioxide emissions by 70-80% over the next 50 years and support the country’s efforts to achieve carbon neutrality.