The UAE’s Federal Budget has been announced for the next five years, with a substantial amount of the Dhs248 billion total to be spent on education.
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said that the federal government, led by the UAE President HH Khalifa bin Zayed Al Nahyan, continues to achieve the happiness of its people and to ensure security and a decent life for them, state news agency WAM reported.
“Utilising the financial resources to achieve the highest degree of prosperity and welfare of the citizens and residents is a priority, underlining education, health and community welfare as key pillars for the development of the society,” said Sheikh Mohammed.
He made these remarks while chairing the Cabinet’s meeting, which was held on Sunday at the Presidential Palace and attended by HH Lt General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, and HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
At the meeting, the Cabinet adopted the general federal budget for 2017- 2021, with total of Dhs248 billion over five years and a budget of Dhs48.7 billion for 2017. WAM said this was in addition to the revenues of independent entities and financial investments.
HH Sheikh Mohammed said: “We aim to provide all the means and capabilities to meet the requirements of the future government vision, and make it one of the best governments in the world in various sectors, through the optimal use of resources to enhancing the services provided to citizens and residents.”
WAM said the UAE is the first Arab country to prepare a periodic budget for five years, in line with the directives of Sheikh Mohammed to prepare a proposal budget with plans for every five years. This also aims at increasing customer satisfaction about the federal government’s efforts to enhance the welfare, prosperity, happiness and security of community members.
Sectors that are directly related with social services received the largest portion of 2017 budget with more than half allocated for these sectors, valued at Dhs25.2 billion including general and higher education sector at 20.5 per cent (Dhs10.2 billion); health care and protection of society at 8.6 per cent (Dhs4.2 billion); pensions at 8.2 per cent (Dhs4 billion); community development at 6.6 per cent (Dhs3.2 billion ); and housing at 3.3 per cent (Dhs1.6 billion).
A total of Dhs2 billion has been set aside to supporting government innovation, through the establishment of the Sheikh Mohammed bin Rashid Al Maktoum Fund to Finance Innovation. It will provide financing solutions for innovators and incubation support to turn their ideas into projects that will support the national strategy for innovation and achieving the goals of Vision 2021.