The United Arab Emirates’ cabinet on Tuesday approved federal spending of AED 290 billion ($78.96 billion) up until 2026, state news agency (WAM) said.
The cabinet headed by Sheikh Mohammed bin Rashid Al Maktoum, the prime minister of the UAE and ruler of Dubai, approved the 2022 budget, which calls for spending of AEC 58.931 billion.
A major share of the 2022 budget was allocated to the development and social benefit sectors, at 41.2%, while the infrastructure and financial resources sectors took home 3.8%.
The cabinet also approved the establishment of a council for infrastructure and housing under the chairmanship of Suhail al-Mazrouei, the minister of energy and infrastructure.
In a series of tweets, Sheikh Mohammed said: “Today, I chaired a cabinet meeting at the UAE Pavilion at the Expo 2020. It is indeed an exceptional pavilion under the supervision of the Sheikha Mariam bint Mohammed bin Zayed.”
“During the meeting, we approved the federal budget for the next four years with total spending of Dh290 billion. We are embarking on the new 50 years with confidence, optimism, and global aspirations.”
New Appointments
The Cabinet also decided to appoint Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum as Chairman of the General Budget Committee of the union and Chairman of the Federal Tax Authority.
Sheikh Shakhbut bin Nahyan has also been appointed as Chairman of the Executive Committee of the UAE-Saudi Coordination Council, while Abdullah bin Sultan Al Nuaimi will serve as Chairman of the Judicial Coordination Council.