UAE General Budget Committee Reviews Draft Budget for 2025

UAE, 12 June, 2024 :   The UAE General Budget Committee convened on Tuesday to discuss the draft general budget for the 2025 fiscal year, according to the Dubai Media Office. This 11th meeting of the committee was attended by Sheikh Mansour bin Zayed, Vice President and Deputy Prime Minister, and Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Minister of Finance. 

The committee focused on the 2025 draft budget, part of the 2022-2026 budget plan, in line with Federal Decree-Law No (26) of 2019 on public finance. They directed the completion of procedures to prepare the 2025 budget for submission to the UAE Cabinet and reviewed federal cash flow for the fiscal year.

The UAE's economy grew by 3.6% last year, with a GDP of Dh1.68 trillion ($457 billion) at constant prices, driven by non-oil sector growth and government initiatives. This follows a robust rebound from the pandemic slowdown, supported by higher oil prices.

In October 2022, the Cabinet approved a federal budget for 2023-2026 with Dh252.3 billion in expenditures and Dh255.7 billion in revenue. The 2024 budget, approved last October, estimated expenses at Dh64.06 billion and revenue at Dh65.73 billion.

The committee also reviewed the federal government's financial position for 2024, based on expenditures and revenue from the first half of the year, and received updates on capital and developmental projects completed in the past months.

Source : www.thenationalnews.com