Sheikh Mohammed chairs UAE Cabinet meeting on Sunday.

Inayat-ur-Rahman

Chaired by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, the UAE Cabinet has approved the federal budget of Dhs58 billion for the fiscal year 2021.

Sheikh Mohammed Bin Rashid has asserted that the UAE will continue to implement major projects and focus on social development sectors, despite the global economic conditions.

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These remarks by Sheikh Mohammed Bin Rashid came during the UAE Cabinet meeting, held on Sunday at Qasr Al Watan in Abu Dhabi, in presence of 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 Bin Rashid attends a meeting.

Sheikh Mohammed Bin Rashid emphasised 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.”

The General Budget of the Union 2021: The Cabinet approved the general budget of the Union for the fiscal year 2021, with expenditure amounted to Dhs58.113 billion. The federal budget continues to focus on both social and economic development.

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.

Emirates Investment Authority: The Cabinet reviewed a report on the key milestones achieved by the Emirates Investment Authority, EIA, since its inception in 2007. The report highlighted the current assets managed by the EIA and the future plans to support governments priorities.

Restructuring the Emirates Youth Council: The Cabinet approved the restructure of the Emirates Youth Council headed by Minister of State for Youth, Shamma Bint Suhail Bin Faris Al Mazrouei. Furthermore, the Council is entrusted with new responsibilities that aim to accelerate youth empowerment in all sectors.

The Cabinet approved the final account of the Emirates Real Estate Corporation, EREC, for the fiscal year 2019, where the EREC achieved an overall growth in revenues by 23 per cent compared to the previous year.

The Cabinet also reviewed a report presented by the Ministry of Community Development on the achievements of the Task Force established to evaluate volunteering during crises.

Lalu Samuel, Chairman & Managing Director, Kingston Holdings told Gulf Today that the federal budget, with an estimated spending of Dhs58b reflects the resilience of the UAE economy and the financial strength of the country’s future plans.

“It does also highlight the fact that the UAE economy is pressing ahead towards further growth and prosperity and that the UAE leadership is forging ahead with implementing its development plans, and achieving the sustainable developments on all levels.”

“This will undoubtedly give a strong impetus to local and foreign investors to increase their investments and projects,” Samuel added.

Satyabrata Das, Chief Executive Officer, Gulf Oil Middle East Limited told this reporter that the Federal Budget 2021 is yet another masterpiece of the visionary leadership of the UAE with the stamp of efficiency and forward thinking while aptly addressing the current economic environment and the needs of the society.

Imran Farooq, CEO, Samana Group mentioned that the  UAE Federal budget for 2021 announced on Sunday focuses on sustainability and prudent use of resources to continue the ongoing projects. UAE announced increased investment in emerging African economies to diversify its economy and increase two-way investments and boost bilateral trade opportunities.

“The new budget clearly reflects the UAE’s resolve to achieve the quickest economic recovery in the world, which will support the local businesses and increase FDI and bring the fastest stability.” Farooq added.