UAE Cabinet approves AED180 billion 'zero-deficit' federal budget

His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, today chaired the UAE cabinet meeting, where a zero-deficit federal budget of AED180 billion for the next three years was approved.

"I have chaired today a Cabinet meeting, during which we approved the federal budget of AED180 billion for the next three years," Sheikh Mohammed bin Rashid tweeted. "Fifty-nine percent of the budget will go to education and social development," he added.

The budget includes 42.3 percent for community development, 17 percent for education development, and 7.3 percent for healthcare development.

During the Cabinet meeting, a new federal law was adopted to regulate the space and advanced technology sectors in the UAE.

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.