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04 October 2023

Maktoum bin Mohammed chairs 8th meeting of General Budget Committee for 2022-2023


H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, today chaired the eighth meeting of the UAE’s federal General Budget Committee.

The meeting was attended by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court; H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation; Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs; Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs; and Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), in addition to representatives of the Ministry of Finance.

The Committee discussed several topics, including federal cash flow for financial years 2022 and 2023, in light of the revenue generated in 2022 and the expected income in 2023. The Committee also reviewed the federal government’s financial position in 2022 in light of the actual expenditures and revenues. The indices reflected growth in the national economy on the back of improvements in various economic sectors in the country.

The Committee also reviewed federal entities' requests for additional funding for 2023. It was briefed about the progress of the approved capital projects realised in the financial year 2022 and development projects to be implemented in 2023 according to regulations and financial procedures in place.

Earlier, the UAE Cabinet approved the UAE’s federal budget of AED313 billion until 2026, the largest in the country’s history. The UAE maintains a flexible federal budget subject to regular reviews to adapt to the dynamic global situation.