UAE Cabinet Approves Federal Budget for Fiscal Year 2024

The General Budget Committee convened its eleventh meeting at Qasr Al Watan in Abu Dhabi to deliberate on the draft general budget of the UAE for the fiscal year 2025, as part of the broader budget plan spanning from 2022 to 2026.

Chaired by Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, the committee oversaw the approval of the federal budget for the fiscal year 2024. The budget revealed revenues totaling Dh65.728 billion, juxtaposed with expenditures amounting to Dh64.060 billion.

In collaboration with federal entities, the Ministry of Finance orchestrated the preparation of the 2025 federal budget, meticulously considering shifts in both local and global economic landscapes.

The committee's directives emphasized the completion of requisite procedures for the draft federal budget's preparation, subsequently earmarked for submission to the Cabinet. These steps align with the provisions delineated in Federal Decree-Law No. (26) of 2019 on public finance, along with its amendments and relevant recommendations.

A comprehensive review of the federal government's financial standing for 2024 illuminated the actual expenditures and revenues incurred during the initial half of the fiscal year. Encouraging indicators underscored the UAE's burgeoning national economy, evident across diverse sectors and activities.

Moreover, the committee received updates on capital and developmental projects greenlit during the preceding months of the 2024 fiscal year, reflecting ongoing strides towards economic prosperity and sustainable growth.

The session encapsulated a concerted effort towards fiscal prudence, strategic planning, and economic resilience, emblematic of the UAE's unwavering commitment to prosperity and progress.

News Source: Khaleej Times