Dubai: The General Budget Committee convened on Wednesday to discuss the draft general budget of the UAE for the 2024 fiscal year. During the meeting, the Committee discussed the 2024 draft general budget that forms part of the budget plan for the 2022-2026 period.
The Committee directed the Ministry of Finance to complete the drafting the General Budget of the Union for the year 2024 for submission to the UAE Cabinet. It also reviewed federal cash flows for the year 2023, in addition to reviewing the estimations of the projected budget expenditure through the end of the 2024 fiscal year.
Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Minister of the Presidential Court of the UAE, and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE, chaired the meeting.
The Committee reviewed the federal government’s financial position for the year 2023, based on expenses and revenues collected during the first-half of the year, which indicate the significant growth of various sectors and economic activities in the UAE.
During the meeting, the Committee was briefed on the progress of approved capital and development projects completed during the last months of the 2023 fiscal year. The UAE Cabinet meeting has approved the federal budget for 2023 with a total expenditure of Dh63.1 billion.
