UAE Cabinet approves Dh48.5bn budget
The Cabinet on Sunday approved a trimmed federal budget of Dh48.5 billion for next year, as lower oil prices spur GCC states to tighten their belts.
Spending in 2016 will be down 1.1 per cent from Dh49.1bn this year. The budget accounts for about 13 per cent of all government expenditure.
Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, said the priority was investing in Emiratis. “Our priorities in the 2016 budget will be geared towards social development, education and health,” Sheikh Mohammed said after leading the Cabinet meeting. “Maintaining the first rank requires having all resources that enable the Emirati people and their Government to reach these goals.”
Sultan Al Mansouri, the Minister of Economy, said the country would get through the period of low oil prices “without too much trouble. “The federal budget was only trimmed by a very small amount,” Mr Al Mansouri said.
More than 50 per cent of budget spending will go to education, social services and health. Other sums will be spent on defence, public safety, economic development, environment and culture.
The Cabinet on Sunday approved a trimmed federal budget of Dh48.5 billion for next year, as lower oil prices spur GCC states to tighten their belts.
Spending in 2016 will be down 1.1 per cent from Dh49.1bn this year. The budget accounts for about 13 per cent of all government expenditure.
Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, said the priority was investing in Emiratis. “Our priorities in the 2016 budget will be geared towards social development, education and health,” Sheikh Mohammed said after leading the Cabinet meeting. “Maintaining the first rank requires having all resources that enable the Emirati people and their Government to reach these goals.”
Sultan Al Mansouri, the Minister of Economy, said the country would get through the period of low oil prices “without too much trouble. “The federal budget was only trimmed by a very small amount,” Mr Al Mansouri said.
More than 50 per cent of budget spending will go to education, social services and health. Other sums will be spent on defence, public safety, economic development, environment and culture.