The UAE Cabinet approved a record Dh51.4 billion federal budget for next year with a focus on education, healthcare, and community wellbeing as the country boosts spending off the back of stronger economic activity and a higher oil price.
Over the next four years, a total budget of Dh201.1bn has also been approved.
The budget for next year, which is balanced, is a 5.6 per cent increase from this year's Dh48.7bn, which also focused on social development, health and education.
The budget was approved during a Cabinet session, chaired by Sheikh Mohammed bin Rashid, held at the Sharjah International Book Fair on Tuesday.
The Vice President, Prime Minister and Ruler of Dubai, said all budget plans are for the service of the UAE society.
"We will spare no efforts in providing all the requirements for our people's happiness and well-being. The UAE people are our most valuable asset," he said.
The federal budget excludes the budgets of the individual seven emirates.
The Institute of International Finance is projecting the consolidated fiscal deficit of the UAE will shrink to 0.8 per cent of GDP next year from 3 per cent of the GDP in 2017. The increase in non-oil revenues through measures such as five per cent value-added tax will help reduce the UAE’s fiscal breakeven oil price to $58 a barrel in 2018 from $60 a barrel this year, offsetting any adverse impact from a potential increase in consolidated spending, the Washington-based institute said. Brent crude was trading at over US$63 per barrel on Tuesday, its highest level in more than two years.
The lion’s share of next year's budget, Dh26.3bn or 43.5 per cent of the total, is dedicated to social development programmes. Dh10.4bn is allocated for general education and higher education, totalling 17.1 per cent of the overall budget, and Dh4.5bn, or 7.4 per cent, is earmarked for the health sector.
Dh22.1bn or 36.5 per cent of the total budget has been allocated for government affairs.
Dh3.5bn will go to federal projects implemented by federal agencies. These include Dh891 million for ministries' projects, and Dh922m for projects aimed at developing and upgrading water and power stations in the country, which will be performed by the Federal Water and Electricity Authority.
Around Dh1.4 bn will be spent on projects under the Sheikh Zayed Housing Programme, Dh204m is allocated to the UAE Space Agency projects, and Dh25m to the UAE Red Crescent. The government also set aside Dh2bn to support government innovation through the Sheikh Mohammed Bin Rashid Al Maktoum Innovation Fund.
The Ministry of Finance worked in coordination with all ministries and federal entities to ensure their development plans and programmes are in line with the federal financial strategy, and with the objectives of the Government of the Future, reported state news agency Wam. The Cabinet met for its first extraordinary session on Tuesday since the recent government restructuring.
Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of the Interior, and Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, were among those who attended.
During its session, the Cabinet also adopted the restructuring of the Ministerial Council for Development, under the chairmanship of Sheikh Mansour bin Zayed.
The Cabinet also adopted Federal Decree-Law No. 08 of 2017 on Value Added Tax to be implemented at the beginning of January 2018, as well as a number of resolutions and initiatives on the agenda and approved a number of international treaties.
Formula%204%20Italian%20Championship%202023%20calendar
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CHATGPT%20ENTERPRISE%20FEATURES
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The%20specs
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UAE'S%20YOUNG%20GUNS
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Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
BAD%20BOYS%3A%20RIDE%20OR%20DIE
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
UAE currency: the story behind the money in your pockets
Company%20Profile
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Company%20Profile
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The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: seven-speed automatic
Power: 592bhp
Torque: 620Nm
Price: Dh980,000
On sale: now
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
TOURNAMENT INFO
2018 ICC World Twenty20 Asian Western Regional Qualifier
The top three teams progress to the Asia Qualifier
Thursday results
UAE beat Kuwait by 86 runs
Qatar beat Bahrain by five wickets
Saudi Arabia beat Maldives by 35 runs
Friday fixtures
10am, third-place playoff – Saudi Arabia v Kuwait
3pm, final – UAE v Qatar
Most match wins on clay
Guillermo Vilas - 659
Manuel Orantes - 501
Thomas Muster - 422
Rafael Nadal - 399 *
Jose Higueras - 378
Eddie Dibbs - 370
Ilie Nastase - 338
Carlos Moya - 337
Ivan Lendl - 329
Andres Gomez - 322
The%20Sandman
%3Cp%3ECreators%3A%20Neil%20Gaiman%2C%20David%20Goyer%2C%20Allan%20Heinberg%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Tom%20Sturridge%2C%20Boyd%20Holbrook%2C%20Jenna%20Coleman%20and%20Gwendoline%20Christie%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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COMPANY%20PROFILE
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Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.