UAE’s new federal budget will drive development journey: UAE ministers

UAE’s new federal budget will drive development journey: UAE ministers

ABU DHABI, 18th October, 2021 – The UAE’s ministers of economy, education and community development stressed that the UAE’s new five-year federal budget underscores its approach and the vision of the UAE’s leadership aimed at driving development and achieving prosperity and wellbeing.

In their statements to the Emirates News Agency (WAM), the ministers affirmed that the UAE’s budget will help usher in an era of further achievements, excellence and influence to achieve its UAE Centennial 2071 objectives.

Abdullah bin Touq Al Marri, Minister of Economy, said that adopting the new five-year federal budget, the largest in the UAE’s history, highlights the fact that the UAE is marching forward, with the support and directives of its leadership, to achieve comprehensive and sustainable development.

It also underscores the UAE’s solid financial position and its keenness to enhance its global economic stature, being a leading hub for trade, investment, business and tourism, he added.

Hussain bin Ibrahim Al Hammadi, Minister of Education, said that the Cabinet’s approval of the federal budget would bring in a new era of government efficiency, as the UAE adopted a new dynamic and unprecedented approach, after an accurate assessment of the current situation and future forecasts.

He added that the education sector accounts for 16.

3 percent of the budget, highlighting the leadership’s keenness to support education and deploy more resources to serve this vital sector and ensure its sustainability.

Hessa Essa Buhumaid, Minister of Community Development, affirmed that the approval of the UAE Cabinet, led by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, of the AED290bn federal budget, a 17.

2 percent increase compared to last year’s budget, will help boost the UAE’s achievement rate.

She also pointed out the new budget will enable public and private entities to launch more transformational projects and distinguished initiatives to drive the UAE’s development and enhance its global competitiveness.