UAE Cabinet approves US$16.42bn 2019 budget

TRME SheikhMoHH Sheikh Mohammed chairing the UAE Budget 2019 session. (Image source: WAM)HH Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister and Ruler of Dubai, has approved a zero-deficit federal budget of US$49bn for the next three years (2019-2021)

The session was attended by HH Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, and HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

“I have chaired today a Cabinet meeting, during which we approved the federal budget of US$49bn for the next three years,” HH Sheikh Mohammed tweeted.

“Fifty-nine per cent of the budget will go to education and social development,” he added. The 2019 budget was approved at a total value of US$16.42bn, allocated to various sectors with a focus on those directly linked to citizens’ well-being, health, and education. The budget includes 42.3 per cent for community development, 17 per cent for education development, and 7.3 per cent for healthcare services.

During the Cabinet meeting, a new federal law was adopted to regulate the space and advanced technology sectors in the UAE. HH Sheikh Mohammed tweeted, “The goal is to open up the space sector to investment, research and partnership building.”

“It was a coincidence to adopt a large federal budget with the new law for space sector. Both will take the emirates to new heights,” he added.

This year’s budget, announced last November, saw projected spending increase 5.4 per cent on 2017.

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