UAE approves federal budget of $52bn for 2024-26

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The UAE government has approved AED192 billion ($52.27 billion) for the federal budget 2024-26, prime minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said on Monday.

The 2024 budget estimates revenues at AED65.73 billion, up 3.3 percent over fiscal year 2023, and total estimated expenses at AED64.06 billion, an increase of 1.6 percent over AED63.07 billion for 2023, the UAE state-owned Wam news agency reported.

Mohamed bin Hadi Al Hussaini, minister of state for financial affairs, said an essential part of the 2024 budget was allocated to social development sectors and social benefits.

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Social development and benefits spending will stand at AED26.7 billion, or 42 percent of the federal budget in 2024, followed by government affairs at 39 percent (AED25.2 billion).

Nearly AED10.2 billion was allocated to public and university education programmes, AED5.2 billion to healthcare and community protection, AED3.6 billion to social affairs, AED6.1 billion to pensions, and AED1.5 billion to public services.

Almost AED2.6 billion, or 4 percent of the total general budget, was assigned to infrastructure and economic resources. A further AED2.3 billion was allocated to the financial investments sector, while AED7.2 billion was given for other federal expenses.