UAE Cabinet approves 2024 federal budget

Revenues amount to Dh65.728 billion and expenditures amount to Dh64.060 billion


Web Desk

  • Follow us on
  • google-news
  • whatsapp
  • telegram


Photo: Dubai Media Office/X
Photo: Dubai Media Office/X

Published: Tue 11 Jun 2024, 6:47 PM

Last updated: Tue 11 Jun 2024, 10:21 PM

The General Budget Committee held its eleventh meeting to discuss the draft general budget of the UAE for the fiscal year 2025, within the budget plan for the years 2022-2026.

In the meeting, held at Qasr Al Watan in Abu Dhabi, the Cabinet also approved the federal budget for the fiscal year 2024, with revenues amounting to Dh65.728 billion and expenditures amounting to Dh64.060 billion.

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

The Ministry of Finance coordinated with all federal entities for the purpose of preparing the federal budget for 2025, taking into account developments in the local and global economic landscape.

The committee directed that the necessary procedures be completed for preparing the draft federal budget, and then submitted to the Cabinet.

The necessary procedures were taken within the framework of the provisions governing the preparation and presentation of the budget as stipulated in Federal Decree-Law No. (26) of 2019 on public finance, its amendments, and the relevant decisions and recommendations.

The committee also reviewed the financial position of the federal government for 2024 in light of the actual expenditures and revenues during the first half of the fiscal year. The indicators reflect the growth of the national economy witnessed by the UAE across various sectors and activities.

Additionally, the committee was briefed on updates regarding the approved capital and developmental projects completed during the past months of the 2024 fiscal year.

The meeting was held in the presence of Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance.

It was also attended by Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs; Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs; and Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), in addition to representatives of the Presidential Court and the Ministry of Finance.


More news from UAE