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Shaikh Mohammad listens to Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, as Lt. Gen. Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, and Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future, look on during the Cabinet meeting on Sunday. Image Credit: WAM

Dubai: A zero-deficit federal budget of Dh180 billion for the next three years has been approved by the UAE Cabinet, it was announced on Sunday.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, announced the approval of the federal budget following a Cabinet meeting.

In a tweet, Shaikh Mohammad stated: “I have chaired today a Cabinet meeting, during which we approved the federal budget of Dh180 billion for the next three years.”

He added: “59% of the budget will go to education and social development.”

The budget will also be the biggest in the history of the Union, according to him.

 

During cabinet meeting today, also a new federal law was adopted to regulate the space and advanced technology sectors in the UAE.

Shaikh Mohammad tweeted “the goal is to open up the space sector to investment, research and partnership building.” Adding “It was a coincidence to adopt a large federal budget with the new law for space sector. Both will take the Emirates to new heights”.