The UAE Cabinet on Sunday approved approved the Federal General Budget 2024-2026 totalling AED192 billion ($52.27 billion) with spending on social development and benefits reaching 42 percent of the budget, followed by government affairs 39 percent. 

 

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, chaired the Cabinet meeting at Qasr Al Watan, Abu Dhabi, said a Wam news agency report. 

 

Rest of the budget will be distributed to investments in infrastructure and economic resources as well as financial assets and investments together with other federal expenses.

 

The Cabinet also approved the Federal General Budget 2024 with a total estimated expenditure of AED64.06 billion ($16.9 billion), and estimated revenues of AED65.728 billion.  According to the budget, the UAE's estimated growth in expenditures in the fiscal year 2024 will reach 1.6 percent with a growth of 3.3 percent in revenues, compared to the 2023 fiscal year.

 

Investments in social development and benefits represent a large proportion of the UAE Federal Budget 2024 at 42 percent, followed by government affairs with 39% of the budget.

 

The rest of the budget was distributed to the infrastructure and economic resources by 4 percent, and the financial assets and investments by 4 percent. Other federal expenses amount to 11 percent of the Budget.

 

Additional Benefitsbfor ICV companies

The cabinet approved a decision to reduce the fees of the Ministry of Human Resources and Emiratisation services for industrial companies registered in the National In-Country Value (ICV) Programme.

 

As per the decision, a company will be classified as category one if it has a higher rating than 60% in the National In-Country Value (ICV) Program, after fulfilling all the obligations mentioned in the federal decree regarding the Regulation of Employment Relationship and its amendments, in addition to committing to the objectives of Emiratisation and demographic diversity.

 

The Cabinet adopted amendments on the fees for industrial property services, provided by the Ministry of Economy. The amendments included a 50 percent reduction of fees for all SMEs, as well as academic institutions services, which aim to attract SMEs and help promote their growth and expansion.

 

His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of Presidential Court; HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance; and HH Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior were also present.

 

Sheikh Mohammed noted: “The UAE Government issued a decree on constituting the board of directors of the Financial Stability Council, headed by His Highness Sheikh Mansour bin Zayed. The council’s board of directors include the Minister of State for Financial Affairs, the Governor of the Central Bank, the Chairman of the Securities and Commodities Authority’s board, the Chairman of Abu Dhabi Global Market’s board, the Chairman of the Dubai Financial Services Authority’s board, the Under Secretary of the Ministry of Finance, and the Assistant Governor of the Central Bank.”

 

Sheikh Mohammed added that the council’s goal is to protect the UAE’s financial system, develop financial infrastructure and ensure the stability of financial institutions in the country.

 

He further said: “The UAE Government approved the establishment of the UAE Drug Corporation. The corporation will be responsible for regulating and licensing the circulation of medical and pharmaceutical products, health care products, food supplements and cosmetics and agriculture products in addition to its role in developing our manufacturing capabilities in order to achieve national pharmaceutical security."

 

The cabinet also approved the Digital Government Service Policy which aims to measure the level of services, and ensure its efficiency.

 

The cabinet also approved the restructuring of the Board of Directors of the UAE Space Agency, headed by Sarah Al Amiri. 

 

Media exemption during COP28 coverage

The UAE Cabinet meeting approved a decision to temporarily exempt media outlets from a number of federal fees during the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28), from November 30 to December 12, 2023.

 

Exemptions included entry permits for equipment and cameras accompanying media professionals and photographers from outside the country, permits for ground and aerial photography, as well as exemptions on the fees for frequency spectrum services and wireless equipment.

 

More than 5,000 journalists are expected to attend COP28, while the number of devices requiring the use of the frequency spectrum is expected to reach 2,500.

 

The Cabinet approved the executive regulation of the genetic fingerprint in the country. 

 

Also, it approved the executive regulations of the 'Federal Decree Law No. 41 of 2022 on Civil Personal Status for Non-Muslims', to regulate family matters related to marriage, divorce, inheritance and child custody.