UAE cabinet trims down budget to $13.2bn for 2016
By issuing policies and initiatives, the UAE government seeks to create and foster a work environment that attracts Emiratis in public and private sectors at large
The cabinet has approved a federal government budget, estimated at $13.2bn (AED48.5bn) with zero deficit, down from $13.2bn (AED49.1bn) budget plan in 2015.
More than 50% of the budget has been allocated to sectors like education (21.2%), social development (15.5%), public services (11.1%) and health (7.9%). The budget has also allocated amounts for other sectors, such as defence, housing, public safety, economic, environment and culture.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister and Ruler of Dubai, said the priority was investing in Emiratis as well as strengthen the image of the UAE, reported state news agency WAM.
"Investing in Emiratis and meeting their needs are the basis of government work and has a priority in the National Agenda to reach the goals of the UAE 2021 Vision. Our priorities in the 2016 budget will be geared towards social development, education and health."
Meanwhile, the cabinet adopted the National Emiratisation strategy in the banking and insurance sector. By issuing policies and initiatives, the government seeks to create and foster a work environment that attracts Emiratis in public and private sectors at large.
Addressing government affairs, the cabinet also discussed a number of recommendations submitted by the Federal National Council on the policies of the Ministry of Economy to boost national economy and another one on protecting workers in agriculture and fishing.
The cabinet approved the inauguration of an office for the Arab Tourism Organisation in the UAE, which will help promote tourism of the UAE regionally and internationally, and exchange information between potential investors.
In addition, the cabinet ratified a number of international agreements to boost cooperation such as an agreement with Ethiopia on avoidance of double taxation and income tax evasion.
A number of other agreements on air transport and services have been endorsed with Kuwait, Slovakia, Iceland and Eritrea.