UAE approves 2020 budget, Sheikh Mohammed says 'decade of development' to begin - Gulf Business
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UAE approves 2020 budget, Sheikh Mohammed says ‘decade of development’ to begin

UAE approves 2020 budget, Sheikh Mohammed says ‘decade of development’ to begin

One-third of the Dhs61bn federal budget will be allocated to the social development sector

The UAE cabinet formally approved the federal budget for 2020, with Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum also signalling the start of a “decade of development”.

The federal budget of Dhs61bn, with zero-deficit, was approved by the cabinet during a meeting on Tuesday, Sheikh Mohammed revealed on Twitter.

While one-third will be allocated to the social development sector, one third will go to government affairs and the rest to infrastructure, economic resources and living benefits, he said.

“2020 will be the beginning of a new decade of development,” he added.

Late last month, it was announced that UAE had approved plans to hike its federal budget for 2020 by 2 per cent from the current year.

The general federal budget for 2019, at Dhs60.3bn, was the country’s largest ever. It marked an increase of around 17.3 per cent on the 2018 budget.

Read: UAE to hike 2020 federal budget by 2%

During its meeting on Tuesday, the cabinet also approved a government fund to support education and strengthen partnerships with the private sector and businessmen in the educational field.

The fund will provide additional financial resources for development programmes in the sector.

“We adopted the UAE’s participation in the International Solar Coalition, and the restructuring of the Emirates Council for Climate Change and the Environment,” Sheikh Mohammed said.

Sheikh Mohammed also met with Emirati astronauts Hazza Al Mansouri and Sultan Al Neyadi, who presented a report on the space industry.

Al Mansouri created history last month when he became the first Arab astronaut to visit the International Space Station.

“Today, I reviewed a report on the UAE space sector prepared by Hazza Al Mansouri and the team. The size of the sector is Dhs22b and it employs 1,500 employees in 50 companies, including two of the world’s largest satellite companies. We have 16 satellites and have started manufacturing satellites locally,” Sheikh Mohammed said.


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