The UAE Cabinet Approves AED51‎.4 Billion Federal Budget for 2018

The UAE Cabinet, presided over by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, approved the federal budget for the years 2018-2021 with a total of AED201.1 billion, of which AED51.4 billion is for the year 2018, and zero deficit. This came during the extraordinary session held at the Sharjah International Book Fair on Tuesday. ‎

His Highness Sheikh Mohammed bin Rashid Al Maktoum asserted that the Federal Government, led by the UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan, continues to achieve the happiness of its people and to ensure a secure and a decent life for them.

His Highness said that “all strategies and budget plans are invested in the service of the UAE society in the first place, and we will spare no efforts in providing all the requirements for our people's happiness and well-being. The UAE people are our most valuable asset.”

The Cabinet adopted during its session the general federal budget for the fiscal year 2018 with estimated revenues of AED51,388,000,000 and an estimated expenditure of AED51,388,000,000 with zero deficit, in line with Government’s objective to improve the efficiency of financial planning and its implementation to achieve the UAE Vision 2021. The budget focused primarily on utilizing resources to achieve the highest degree of prosperity and wellbeing of the citizens and residents as a priority, underlining education, health and community wellbeing as key pillars for the development of the society.

The federal budget for the fiscal year 2018 was distributed to the various sectors. The ‎social development and social benefits sector was the most popular with AED26.3 billion ‎earmarked for social development programs, that is 43.5% of the total budget, of which ‎AED10.4 billion dirhams for general education and higher education totaling to 17.1% of ‎the total budget, and AED4.5 billion allocated to the health sector, a 7.4% of the total ‎budget. ‎

The government affairs sector was allocated AED22.1 billion, 36.5% of the total budget. ‎A total of AED3.5 billion was allocated for federal projects implemented by the federal agencies.‎

The Ministry of Finance worked in coordination with all ministries and federal entities to ensure that their development plans and programs are in accordance with the federal financial strategy, and with the objectives of the Government of the Future.

The budget approval came during the first extraordinary session of the Cabinet to be held after the recent restructuring of the government, in the presence of His Highness Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior and His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

On a different note, the Cabinet adopted during its session the restructuring of the Ministerial Council for Development, under the leadership of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

His Highness Sheikh Mohammed bin Rashid Al Maktoum toured the Sharjah International Book Fair on the sidelines of the meeting, with His Highness Sheikh Sultan bin Mohammed Bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah. His Highness Sheikh Mohammed bin Rashid Al Maktoum said that “the UAE invests in culture and science because it understands that culture is a driver for progress and prosperity.” His Highness also praised the vision and initiatives of His Highness Dr. Sheikh Sultan bin Mohammed Al Qasimi, Member of the Supreme Council of the Union, Ruler of Sharjah, who made culture and knowledge an Emirati way of life. "It makes me proud to be among the crowd of one of the largest and most important book fairs in the world which gives the UAE people an unprecedented access the world and its knowledge, its history and its future."

“The UAE Government has recently introduced new items to its mandate to be at the forefront of knowledge and advanced sciences and to equip our younger generation with the needed tools to lead the UAE to the Centennial 2071,” concluded His Highness.

The Cabinet also adopted Federal Decree-Law No. (8) of 2017 on Value Added Tax to be implemented at the beginning of January 2018 , as well as a number of resolutions and initiatives on the agenda and approved a number of international treaties.