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03 October 2023

General Budget Committee’s ninth meeting discusses UAE's draft general budget for 2024 fiscal year


 In the presence of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Minister of the Presidential Court, H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, chaired the ninth meeting of the General Budget Committee.

The meeting discussed the draft general budget of the UAE for the 2024 fiscal year. The ninth meeting of the Committee was also attended by Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs; Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs; Khaled Mohamed Balama, Governor of the Central Bank of the UAE, and representatives of the Ministry of Finance and Presidential Court.

During the meeting, the Committee discussed the 2024 draft general budget that forms part of the budget plan for the 2022-2026 period, in accordance with the Federal Decree - Law No. (26) of 2019 on public finance, amendments, relevant resolutions and recommendations.

The Committee directed the Ministry of Finance to complete drafting the General Budget of the Union for the year 2024 for submission to the UAE Cabinet. The Committee also reviewed federal cash flows for the year 2023, in addition to reviewing the estimations of the projected budget expenditure through the end of the 2024 fiscal year.

The Committee reviewed the federal government's financial position for the year 2023, based on actual expenses and revenues collected during the first half of the year, which indicate the significant growth of various sectors and economic activities in the UAE.

During the meeting, the Committee was briefed on the progress of approved capital and development projects completed during the last months of the 2023 fiscal year. The UAE Cabinet meeting has approved the federal budget for 2023 with a total expenditure of AED 63.1 billion.