The cabinet approval for the Dh290 billion five-year federal budget on Tuesday is a testament that the UAE Government will continue to work to ensure happiness, security, and a decent life for its people, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance, said.
Sheikh Maktoum said the largest budget in the UAE’s history reaffirms that a decent life for the UAE people would always be a top priority while building a more balanced national economy is fundamental to achieving the comprehensive development of the federation.
He noted that the wise leadership has laid solid foundations for the government’s mission of achieving the country’s strategic goals and support its journey towards sustainable economic and social development.
Sheikh Maktoum said allocating financial resources to achieve development goals is a priority for the nation’s wise leadership. He stressed the importance of investing in human talent by continuing to improve education, health and social development sectors.
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, said that based on the directives of the wise leadership, the Dh58.93 billion 2022 budget seeks to upgrade government services, provide the highest levels of social care, health and educational services, bolster infrastructure, and create an attractive development and economic environment.
Al Hussaini stressed the importance of cooperation between the Ministry of Finance and various federal entities on budget preparation procedures.
Sunny Varkey, the founder and executive chairman of the GEMS Education Group, said the development-oriented budget heralds the great transformation the UAE targets in its next 50 years of journey.
“The huge budget allocation for public and university education programmes underscores the futuristic goal of the nation and the top priority given to fostering a future-ready generation.”
Rizwan Sajan, chairman of Danube Group, said although budgets are usually allocated for a year, the UAE has put up a budget for five years. This unusual move reflects the UAE Government’s long-term vision and its seriousness in realising the vision. “The five-year budget has been aligned with the vision - so that everything falls in line with the core objective of the nation and its aspiration to become a leading global knowledge-based economy.”
Kamal Vachani, group director and partner at Al Maya Group, said the five-year budget shows that the wise leadership of the UAE is aiming for long-term sustainable growth as the country enters the new federal 50th with confidence, optimism and global aspirations.
“The largest allocation of the 2022 budget is for the development and social benefits sector aimed at uplifting the country further.”
Adeeb Ahamed, managing director, Lulu Financial Holdings, welcomed the progressive federal budget for its focus on sustainable renewal initiatives. “The budget is rightfully placed to accelerate the growth of strategic sectors, which will ultimately give a jumpstart to the UAE’s transformative vision for the next 50 years.”
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