ABU DHABI: The United Arab Emirates (UAE) Cabinet has greenlighted a robust federal budget of Dh192 billion ($52.27 billion) for the 2024-26 period, with a notable focus on development, social benefits, and infrastructure.
During the meeting at Qasr Al Watan, presided over by Sheikh Mohammed bin Rashid, the Prime Minister and Ruler of Dubai, it was revealed that 42% of the budget will be allocated to the development and social benefits sector. Additionally, 39% is set aside for government affairs, while the remaining 19% will be directed towards the development of infrastructure and the financial and economic assets of the federal government.
Earlier in June, the UAE General Budget Committee convened to review the draft general budget for the upcoming year 2024.
Pivotal move towards bolstering the country’s pharmaceutical and healthcare sectors, the Cabinet also ratified the establishment of the Emirates Drug Authority. As outlined by Sheikh Mohammed, this new entity will serve as the primary regulator for a vast array of products, from medical and pharmaceutical items to cosmetics and veterinary products. The overarching ambition, he explained, is to position the UAE as a global stronghold for the pharmaceutical and medical sectors, encouraging research, development, and significant investments.
In his statement on X, the platform formerly recognized as Twitter, Sheikh Mohammed remarked, “The aim is to transform the nation into a globally trusted hub for pharmaceutical and medical industries, foster national drug manufacturing prowess, stimulate research, and magnetize leading investments in the pharmaceutical realm.”
Furthermore, Sheikh Mohammed confirmed the issuance of a decree related to the Financial Stability Council’s membership. Entrusted with safeguarding the nation’s financial infrastructure, the council will be helmed by Sheikh Mansour bin Zayed, Deputy Prime Minister and chairman of the Presidential Court. The council will feature prominent figures, including the Minister of State for Financial Affairs and the Governor of the Central Bank.
In the digital realm, the Cabinet endorsed a policy aimed at elevating the caliber of digital government services, emphasizing their quality, accessibility, and reliability.
Move to fortify the country’s space endeavors, the Cabinet approved the reformation of the Emirates Space Agency Council. This newly structured council will operate under the guidance of Sarah Al Amiri, Minister of State for Public Education and Advanced Technology.
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