Abu Dhabi: The UAE Cabinet on Sunday approved the 2021 federal budget with an estimated spending of Dh 58.113 billion.
The federal budget was approved during today’s meeting held under the chairmanship of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
“Our national and vital projects will continue to be implemented in 2021 despite the global economic challenges and “development” will remain our priority,” Sheikh Mohammed said.
"The efficiency of government spending in the UAE is among the highest in the world, and we look forward to a better and more accomplished in 2021. The 2021 federal budget keeps pace with global economic changes without compromising national development priorities,” he added.
“Our message to all federal entities for the fiscal year 2021 is strike a balance between spending and flexibility in plans, and efficiency in budgets. "
Sheikh Mohammed made it clear that the UAE will be among the fastest nations to recover in 2021. “The government has dealt with the 2020 budget efficiently and it has all the tools to continue its financial and operational efficiency in 2021, which will be a better and more efficient year,” Sheikh Mohammed tweeted.
During the meeting, the Vice President reviewed the achievements made by the Emirates Investment Authority and its future plans. The Authority includes all the investment assets of the federal government and is considered a supplement to its budgets as well as a source of strength to the national economy.
The council of minister okayed a decision to reshuffle the Emirates Youth Council to be headed by Shamma bint Suhail Faris Al Mazroui, Minister of State for Youth Affairs.
The federal budget reflects the strength of the national economy and the abundance and sustainability of resources to finance development, economic and social projects. The budget’s allocations for the fiscal year 2021 were distributed among various sectors including social development, social benefits, programs, projects and initiatives that will enhance the education sector in the country and improve the quality of healthcare in order to provide the highest levels of medical services for the country's residents, support for housing programs for citizens and enhancing the quality of life for various members of society.
The Cabinet approved the final account of the Emirates Real Estate Corporation, EREC, for the fiscal year 2019, where the EREC achieved an overall growth in revenues by 23 percent compared to the previous year.
The Cabinet also reviewed a report presented by the Ministry of Community Development on the achievements of the Task Force established to evaluate volunteering during crises.
It also called on public and private entities to include the UAE Nation Brand in their initiatives and activities inside and outside the country to unify efforts to promote and convey the story of the UAE to the world.
The UAE Nation Brand was approved to serve as a visual identity with the goal to further enhance the country’s impact and soft power across the world. The Cabinet advised all government departments to use the brand logo in marketing and advertisements to share the story of the UAE across all fields with the world. The UAE Government Media Office is the official entity responsible for the coordination with all partners to ensure the optimal use of Nation Brand in such a way that reflects all aspects of UAE development march.
A total of seven international agreements have been ratified by the Cabinet; including an agreement between the UAE and Israel regarding visa-free entry agreement for citizens of both countries. Two other agreements were between the UAE and the Republic of Sierra Leone regarding the encouragement and mutual protection of investments, the avoidance of double taxation and the prevention of tax evasion imposed on income and capital. Two agreements were signed with Burkina Faso and the Republic of Ghana regarding the avoidance of double taxation and the prevention of tax evasion imposed on income. Two agreements were signed with Guatemala and Rwanda regarding air transport services.
“Our relations with the African continent are improving and we are among the largest global investors in its economies,” tweeted Sheikh Mohammed.