Abu Dhabi, UAE — The United Arab Emirates on Monday approved a federal budget of AED 192 billion ($52.28 billion) for the years 2024-26, focusing mainly on the development and social benefits sector.
UAE Vice President Sheikh Mohammed bin Rashid Al Maktoum, who chaired a meeting of the cabinet where the budget was approved, said that during 2024, the development and social benefits sector will receive 42 percent, government affairs 39 percent and the remainder will be channeled to enhance the infrastructure and the federal government’s financial and economic assets.
In addition to the budget, the UAE government announced the formation of the Financial Stability Board, led by Sheikh Mansour bin Zayed Al Nahyan.
This board will comprise key financial leaders, including the Minister of State for Financial Affairs, the Governor of the Central Bank, and other prominent figures. Its primary objective is to fortify financial stability, foster collaboration among financial entities, and elevate the financial system’s contribution to the nation’s economic growth.
Another significant decree was the establishment of the Emirates Pharmaceutical Corporation. This entity will serve as the official regulatory body for medical and pharmaceutical products, health care items, cosmetics, and more.
The move aims to position the UAE as a trusted global hub for the pharmaceutical and medical sectors, boost national drug manufacturing capabilities, and attract leading investments in the pharmaceutical domain.
Sheikh Mohammed bin Rashid also highlighted the adoption of a policy to enhance the level of government digital services. “Our goal is to elevate the standard of government digital services, ensuring their accessibility and reliability,” he said.
Further, the cabinet approved the restructuring of the Council of the Emirates Space Agency, now under the leadership of Sarah Al Amiri.
Sheikh Mohammed bin Rashid also noted the approval of 13 new international agreements, encompassing collaborations with global organizations and various countries. This includes a judicial cooperation agreement in civil and commercial matters with Turkey and Argentina, an air services agreement with Austria, among others.