Sheikh Mohammed approves Dhs290bn UAE general budget for 2022-2026

It includes a budget of Dhs58.931bn for 2022, of which 41.2 per cent will be allocated for the development and social benefits sector

by Varun Godinho

October 13, 2021

The UAE cabinet has approved the country’s general budget for five years from 2022- 2026, with total expenditures of Dhs290bn.

The cabinet, chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and which convened at Expo 2020 Dubai, approved a budget of Dhs58.931bn for 2022.

The largest share of the 2022 budget was allocated to the development and social benefits sector at 41.2 per cent, out of which 16.3 per cent will be spent on education, 6 per cent on social development, 8.4 per cent on health, 8.2 per cent for pensions and 2.6 per cent for other services.

Around 3.8 per cent of the budget has been allocated to the infrastructure and financial resources sector.

The cabinet also approved the new government strategic approach that serves as a framework to lay the foundations of work for the next 50 years.

It also approved the appointment of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance, chairman of General Budget Committee and Chairman of the Federal Tax Authority Board of Directors. Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs was appointed to the board.

. @HHShkMohd chairs a cabinet meeting at UAE Pavilion, @expo2020dubai. During the meeting, His Highness announced the federal budget of AED290 billion up to 2026. pic.twitter.com/pGOZ8hCb2K

— Dubai Media Office (@DXBMediaOffice) October 12, 2021

It approved the re-formation of the Emirati side of the executive committee of the Saudi-Emirati Coordination Council, headed by Sheikh Shakhboot Nahyan Al Nahyan, Minister of State and the membership of Minister of Energy and Infrastructure, Minister of Education, Minister of Industry and Advanced Technology, Minister of Economy, Minister of State for Financial Affairs, and the Deputy Secretary-General of the Supreme Council for National Security, according to state-run news agency WAM.

Additionally, the cabinet approved the appointment of Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, as chairman of the General Pension and Social Security Authority and chairman of the Etihad Credit Insurance.

Abdullah bin Sultan Al Naoaimi, Minister of Justice, was appointed chairman of the Judicial Coordination Council.

Meanwhile Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs has been appointed as chairman of the Board of Trustees of the Higher Colleges of Technology.

Mariam Al Muhairi, Minister of Climate Change and Environment, was appointed chair of the UAE Council for Climate Change and Environment.

The cabinet also approved the re-formation of the Board of Directors of Emirates General Petroleum Corporation, chaired by Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, for a three-year renewable term.

It approved the establishment of the UAE Infrastructure and Housing Council headed by Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure and membership of representatives from local governments and representative of the Executive Committee of the Initiatives of His Highness the President of the UAE.

The council is mandated to ensure integration and comprehensiveness in the planning and implementation of infrastructure and housing projects. It is tasked with developing a detailed study on housing needs over the next 20 years, and the study should be presented to the cabinet within one month.

The cabinet approved the dissemination of cybersecurity standards developed by the UAE Cybersecurity Council. At the cabinet meeting, approval was also granted for amending the Federal Law regarding the Imposition of a Federal Tax on the imports of tobacco and its derivatives.