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Dh58 billion budget will put UAE on path to early recovery

Staff Report/Dubai
Filed on November 1, 2020 | Last updated on November 1, 2020 at 11.34 pm
Picture retrieved from @HHShkMohd/Twitter

Sheikh Mohammed said work on vital national projects will continue in 2021 and their development will remain a priority.

The UAE Cabinet on Sunday approved a Dh58 billion budget for 2021 with development of vital national projects remaining the government’s top priority.

“The UAE economy will be among the fastest to recover in 2021, and the government has dealt with the 2020 budget efficiently and has all the tools to continue its financial and operational efficiency in 2021,” His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said in a tweet after approving the budget.

Sheikh Mohammed said work on vital national projects will continue in 2021 and their development will remain a priority.

“The federal budget in 2021 keeps pace with global economic changes without compromising national development priorities. Our message to all federal entities for the fiscal year 2021 is to have balance in spending, flexibility in plans, and efficiency in budgets,” he said.

The UAE’s 2021 budget is slightly smaller from 2020 budget of Dh61.35 billion, which was the largest budget since the establishment of the country.

The budget reflects strength of the national economy and the abundance and sustainability of resources to finance development, economic and social projects even during the pandemic time.

The budget has been distributed among various sectors to achieve a balance between expenditure and revenues. It aims to raise living standards and provide a decent life for citizens and residents in the UAE, as allocations were made for a number of sectors including social development, strengthening the education sector, improving quality of healthcare to ensure the highest levels of medical services to residents and supporting housing programmes for citizens.

The Cabinet directed all federal entities to include media identity of the UAE in the initiatives and activities of the federal government agencies and as well as for main campaigns and events organised and supervised by the entities and their affiliates.

During its Sunday’s session, the Cabinet also reviewed a report on the most important achievements of the Emirates Investment Authority since its establishment in 2007.

The Cabinet approved the ratification of six international economic agreements with six new countries in the African continent.

“Our relations with Africa are on the rise and we are among the largest global investors in its economic path,” Sheikh Mohammed said.

The Cabinet approved the restructuring of the Emirates Youth Council, headed by Minister of State for Youth Shamma bint Suhail bin Faris Al Mazrouei. The Council is entrusted with new responsibilities that aim to accelerate youth empowerment in all sectors.

The Cabinet approved the final account of the Emirates Real Estate Corporation for the fiscal year 2019, where the corporation achieved an overall growth in revenues by 23 per cent compared to the previous year.

The Cabinet reviewed a report presented by the Ministry of Community Development on the achievements of the Task Force established to evaluate volunteering during crises.

(With inputs from Wam)

waheedabbas@khaleejtimes.com





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