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Monday, July 15, 2024

The 192 billion dirham (2024-2026) federal budget has been approved by UAE Prime Minister Sheikh Mohammed.

His Majesty The meeting was presided over by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai. A Dh192 billion ($52.27 billion) federal budget for the years 2024 to 2026 was to be approved at this meeting.

This budget’s distribution for the following year has been well thought out. The development and social benefits sector will get almost 42% of the funding, demonstrating a significant commitment to increasing societal well-being. The need of effective governance is highlighted by the additional 39% set aside for government activities.

In order to promote the overall expansion of the country, an additional 19% of the budget is set aside for the construction of federal government financial and economic infrastructure.

Sheikh Mohammed outlined important ideas that were considered and agreed during the meeting. The Emirates Drug Authority, a regulatory agency in charge of supervising pharmaceutical and healthcare products, was established, which was a momentous news. The authority will oversee and provide licenses for a variety of goods, including veterinary, agricultural, medical, and pharmaceutical items as well as healthcare, nutritional, cosmetic, and pharmaceutical products. Positioning the UAE as a major global hub for the pharmaceutical and medical industries is the main objective of this effort.

Sheikh Mohammed also underlined the formation of the Financial Stability Council, which will be in charge of managing the nation’s financial system. The objectives of this council, which is chaired by Sheikh Mansour bin Zayed, deputy prime minister and head of the presidential court, are to strengthen and guarantee financial stability, promote collaboration between financial regulators, build financial infrastructure, and increase the financial system’s contribution to economic growth.

The establishment of a policy for digital government service standards, which aims to improve the quality, accessibility, and dependability of digital government services, is among other significant developments. Additionally, the Cabinet gave its approval for Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, to restructure the Emirates Space Agency Council.

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