Cabinet's $16.7bn budget for 2020 is largest since UAE's establishment
Around 31% of the zero-deficit federal budget is allocated to social development, and $490m is set aside for SZHP
The UAE Cabinet, chaired by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has approved a zero-deficit federal budget of $16.7bn (AED61.3bn) for the 2020 fiscal year, making it the largest budget since the establishment of the UAE.
About 31% of the budget is allocated to social development and aims to implement the directives of President HH Sheikh Khalifa bin Zayed Al Nahyan, to offer UAE citizens and residents a decent life and achieve the objectives of the UAE Vision 2021 and the UAE Centennial 2071.
Commenting on the budget, Sheikh Mohammed said: "The year 2020 will be the start of a new and rapidly developing decade. The federal budget is balanced and reflects our national priorities."
The cabinet meeting was held at Presidential Palace in Abu Dhabi, and attended by HH Lt Gen 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.
Fourteen percent of the budget is committed to infrastructure and economic resources, and 6.5% and 32.6% respectively to social benefits and government affairs.
Allocations to the social rights programmes of the Ministry of Community Development amount to $953m (AED3.5bn), while $490m (AED1.8bn) has been allocated to Sheikh Zayed Housing Programme (SZHP) to provide support for housing for Emiratis.
The cabinet approved the establishment of the Emirates Council for Climate Change and Environment to be chaired by the Minister of Climate Change and Environment with government agencies and representatives of the private sector being its members, according to UAE state news agency, Wam.