Dubai: The UAE cabinet has approved a zero-deficit federal budget for the fiscal year 2020 of Dh61 billion, with one third of which allocated to the social development sector. This is the largest budget ever recorded in the UAE.
One-third of the 2020 budget was approved for government sector while the rest of the budget was allotted to infrastructure, economic resources and living benefits.
The federal budget was endorsed on Tuesday during a Cabinet meeting chaired by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
“2020 will be a new beginning for a decade of fresh development”, Sheikh Mohammed said on his twitter page.
“Today, I reviewed a report on the UAE space sector submitted by Hazza Al Mansouri and the working team. The UAE space investments exceed Dh 22 billion and more than 1,500 employees from 50 companies are working in this sector, including 2 of the largest satellite communications companies in the world. We have 16 satellites. We have started manufacturing satellites locally. We have a probe that will go to Mars in 8 months”, Sheikh Mohammed tweeted.
During the meeting, the Cabinet approved a government fund to support education and strengthen partnerships with the private sector and businessmen in the field of education. The fund aims to provide additional financial resources for development programs in the education sector.
The Cabinet also gave the okay for the UAE’s participation in the International Solar Alliance and endorsed a decision, restructuring the UAE Council for Climate Change and Environment.
“The UAE efforts dedicated to climate change will be doubled. This is a an international and historic duty and is the least thing we can do for generations to come” Sheikh Mohammed said.
Present at the meeting were Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, Lieutenant General Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior and Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
Also present were Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, and Mohammad Bin Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future, Dr. Thani Bin Ahmad Al Zeyoudi, Minister of Climate Change and Environment and Noura Bint Mohammed Al Kaabi, Minister of Culture and Knowledge Development,