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UAE Cabinet approves $68.7bln federal budget for 2023-26

October 11, 2022
government

A budget for the year 2023 has been allocated, with total estimated expenses of 63.066 billion UAE dirhams

The UAE cabinet meeting approved on Monday the Federal General Budget for 2023-2026, with a total of estimated expenditure of AED252.3 billion ($68.7 billion) and estimated revenues of AED255.7 billion. A budget for the year 2023 has been allocated, with total estimated expenses of AED63.066 billion, and total estimated revenues of AED63.613 billion.

UAE estimates that growth in revenues in the fiscal year 2023 will reach 11% with a growth rate of 3.9% in expenditures.

The social development and benefits represent the largest proportion of the UAE Federal Budget 2023 at 39.3% followed by the government affairs with 38% of the budget.

The rest of the budget was distributed to the infrastructure and economic resources by 3.8% and the financial assets and investments by 3.4%.

Other federal expenses amount to 15.5% of the 2023 Federal Budget.

The Cabinet approved plans to organise a celebration to mark the 50th anniversary of UAE- Egypt ties under the slogan 'UAE and Egypt… One Heart', which includes a three-day event in the Egyptian capital Cairo, during October.

It also reviewed the UAE Railway Programme, the largest integrated system for transporting goods and passengers across the country. The project is in line with the environmental policy of the UAE and it will reduce carbon emissions by 70% to 80%.

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