The UAE cabinet, chaired by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, has approved the federal budget of AED58 billion ($15.8 billion) for the fiscal year 2021.
Sheikh Mohammed has asserted that the UAE will continue to implement major projects and focus on social development sectors, despite the global economic conditions, reported state news agency Wam.
The cabinet meeting, held today at Qasr Al Watan in Abu Dhabi, was attended by Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior and Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
Sheikh Mohammed pointed out that the efficiency of government spending in the UAE is among the highest in the world.
"Aiming to achieve the fastest economic recovery, the 2021 budget is formulated to address economic changes without compromising the national development priorities, and we look forward to more achievements in the coming year," he noted.
The Premier said the budget aims to expand development plans and projects to raise living standards and provide a decent life for Emiratis and residents.
A large share of the 2021 budget will be allocated to social development including social welfare, health and education, he added.
During the meeting, the cabinet ratified seven international agreements including the one with Israel regarding visa-free entry agreement for citizens of both countries, reported Wam.
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 capitality, it stated.
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, it added.
