The UAE Cabinet approved a zero-deficit federal budget of Dh180 billion ($49 billion) for the next three years (2019-2021) at a meeting today.

 

The session, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, was attended by Lt General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, and Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, a Wam news agency report said.

 

"I have chaired today a Cabinet meeting, during which we approved the federal budget of Dh180 billion for the next three years," Sheikh Mohammed bin Rashid tweeted. "Fifty-nine percent of the budget will go to education and social development," he added.

 

The 2019 budget was approved at a total value of Dh60.3 billion ($16.42 billion), allocated to various sectors with a focus on those directly linked to citizens’ well-being, health, and education. The budget includes 42.3 percent for community development, 17 percent for education development, and 7.3 percent for healthcare services.

 

During the Cabinet meeting, a new federal law was adopted to regulate the space and advanced technology sectors in the UAE. 

 

Sheikh Mohammed tweeted: "The goal is to open up the space sector to investment, research and partnership building."

 

"It was a coincidence to adopt a large federal budget with the new law for space sector. Both will take the Emirates to new heights," he added.