UAE cabinet approves $68.6bn federal budget for 2023-2026
ABU DHABI, October 10, 2022
The UAE cabinet, under the chairmanship of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved the federal budget 2023-2026 with a total estimated expenditure of AED252.3 billion ($68.6 billion) and estimated revenues of AED255.7 billion ($69 billion), reported Wam.
The meeting was attended by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance; and Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior.
Sheikh Mohammed said the federal budget was a major driver of the government’s development ambitions and plans.
As per budget estimates, the UAE revenue growth for the fiscal year 2023 is likely to hit 11% with a growth rate of 3.9% in expenditures, he added.
"We reviewed the UAE Railway Programme... the largest infrastructure project in the UAE, linking 11 cities, 7 logistics centres and 4 international ports in the country... Under the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the follow-up of H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Etihad Rail, this project will change the infrastructure map in the country," he stated.
On the Federal General Budget 2023-2026, Sheikh Mohammed said: "A budget for the year 2023 has been allocated, with total estimated expenses of AED63.066 billion, and total estimated revenues of AED63.613 billion."
As per budget estimates, the UAE's revenue growth in the fiscal year 2023 will hit 11% with a growth rate of 3.9 percent in expenditures, reported Wam.
The social development and benefits represent the largest proportion of the UAE Federal Budget 2023 at 39.3 percent, followed by the government affairs with 38 percent of the budget.
The rest of the budget was distributed to the infrastructure and economic resources by 3.8 percent, and the financial assets and investments by 3.4 percent. Other federal expenses amount to 15.5 percent of the 2023 Federal Budget, stated the report.
The UAE Cabinet also reviewed the developments of the UAE Railway Programme, which will work continuously to reduce carbon dioxide emissions by 70-80 percent over the next 50 years, and support the country's efforts to achieve carbon neutrality, it added.
