UAE committee meets to discuss draft general budget for 2025 fiscal year

The UAE General Budget Committee met on Tuesday to discuss the draft general budget of the Emirates for fiscal year 2025, Dubai Media Office said. It was the 11th meeting of the General Budget Committee and was held in the presence of Sheikh Mansour bin Zayed , Vice President, Deputy Prime Minister and Chairman of the Presidential Court, and Sheikh Maktoum bin Mohammed, Deputy Prime Minister, Minister of Finance and First Deputy Ruler of Dubai. At the meeting, the committee discussed the 2025 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 DMO said in a statement. The committee directed that the necessary procedures be done to complete preparing the 2025 draft federal budget for submission to the UAE Cabinet. It also reviewed the federal cash flow for the fiscal year. The UAE economy expanded by 3.6 per cent last year, driven by strong non-oil sector growth as the country continues to pursue its diversification goals. G ross domestic product reached Dh1.68 trillion ($457 billion) at constant prices last year, preliminary estimates from the Federal Competitiveness and Statistics Centre showed last month. The Emirates’ economy has made a strong rebound from the coronavirus pandemic-induced slowdown and the pace of economic momentum has continued to improve on the back of government initiatives and higher oil prices. In October 2022, the Cabinet approved the country’s federal budget for 2023 to 2026, with a total expenditure of Dh252.3 billion and estimated revenue of Dh255.7 billion. Last October, the Cabinet approved the budget for fiscal year 2024, with total estimated expenses of more than Dh64.06 billion and projected revenue of nearly Dh65.73 billion. The committee also reviewed the federal government's financial position for the fiscal year 2024, based on the actual expenditures and revenue from the first half of the year. The indicators reflect the UAE's economic growth across various sectors and activities, DMO said. It also received updates on the approved capital and developmental projects completed in the past months of the 2024 fiscal year.