About 31 per cent of the budget is allocated to social development, aiming to implement the directives of President HH Sheikh Khalifa bin Zayed Al Nahyan, to offer UAE citizens and residents a decent life and achieve the objectives of the UAE Vision 2021 and the UAE Centennial 2071. The overall deficit was projected at 2.4 billion dirhams in 2020, narrowing from a budgeted 5.8 billion dirhams in 2019. Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. It grew by 1.94% in 2018, its slowest pace since a contraction in 2009 when the economy was hobbled by a debt crisis.

Sheikh Mohammed Bin Rashid attends a meeting. On the sidelines of the meeting, Sheikh Mohammed met with the two Emirati astronauts, Hazza Al Mansoori and Sultan Al Niyadi, and praised the former’s achievement of becoming the first Emirati and Arab astronaut to travel to the International Space Station, ISS. “2020 will be a new beginning for a decade of fresh development”, Sheikh Mohammed said on his twitter page. The 2020 budget also includes a 'special reserve' of three per cent of expenditure allocated to Expo 2020 with the objective of making the event "the best in Expo’s history."

During the meeting, the UAE Cabinet approved the establishment of the Education Support Fund, which aims to encourage partnerships with the private sector and business sector, to advance the country’s education system. The approval of Public Budget Law No 12 of 2019 includes approval for planned government spending of AED66.4bn ($18.1bn) in 2020, Dubai's biggest ever annual budget expenditure and a 16.9 per cent increase on planned government spending in 2019. This amount reflects an increase of nearly 2% compared to the AED 60.29 billion budget of the fiscal year 2019, thus making the 2020 federal budget the largest since the establishment of the country. It also approved the final account of the Emirates Development Bank, the Emirates Transport Company and the Emirates Post for 2018. Vice President, Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum, chaired a Cabinet meeting on Tuesday. The government said that it could achieve an operating surplus of AED1.96bn ($533.69m) in 2020 when investment spending and non-recurring revenues are excluded . Lalu Samuel, Chairman & Managing Director, Kingston Holdings told Gulf Today that the federal budget, with an estimated spending of Dhs58b reflects the resilience of the UAE economy and the financial strength of the country’s future plans. We have started manufacturing satellites locally. Restructuring the Emirates Youth Council: The Cabinet approved the restructure of the Emirates Youth Council headed by Minister of State for Youth, Shamma Bint Suhail Bin Faris Al Mazrouei. President His Highness Sheikh Khalifa Bin Zayed Al Nahyan once aptly described the establishment of the United Arab Emirates in 1971 as a “dream” that became a “bright reality” for the citizens. The federal budget was endorsed on Tuesday 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. All rights reserved. “The UAE efforts dedicated to climate change will be doubled. Allocations to the social rights programmes of the Ministry of Community Development amount to Dh3.5 billion, or five per cent of the total while Dh1.8 billion has been allocated to the Sheikh Zayed Housing Programme, or 2.5 per cent of the total, to provide support for housing for Emiratis. To find out more about the cookies and data we use, please check out our, Dear Reader, please register to read gulfnews.com, Password should have minimum 7 characters with at least one letter and number, COVID-19: UAE reports 2 deaths, 1,292 new cases, UAE Customs seizes over 168,000 fake goods, UAE announces Dh35m aid to Goni affected in Philippines, COVID-19: Flying to India from UAE?

The United Arab Emirates recorded a Government Budget deficit equal to 0.80 percent of the country's Gross Domestic Product in 2019. Allocations to government affairs amount to Dh23 billion, or 32.6 per cent of the total, while Dh9.9 billion is allocated to infrastructure and economic affairs, accounting for 14 per cent of the total.

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