UAE cabinet approves zero-deficit federal budget for 2020

Tuesday, 29 October 2019 15:29

The UAE Cabinet has approved a zero-deficit federal budget of AED 61 billion for next year.

The spending plan was endorsed during a Cabinet meeting on Tuesday which was chaired by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

A third of it will be allocated to country's social development sector while the rest will go to infrastructure, economic resources and living benefits

It's the largest budget ever in the history of the UAE.

واعتمدنا اليوم مشاركة الامارات ضمن التحالف الدولي للطاقة الشمسية .. وإعادة تشكيل مجلس الامارات للتغير المناخي والبيئة ... جهود الامارات في مجال التغير المناخي ستبقى مستمرة ومتسارعة كواجب دولي وتاريخي تجاه الأجيال القادمة pic.twitter.com/OPqxkbBICi
— HH Sheikh Mohammed (@HHShkMohd) October 29, 2019

More from Business

UAE Central Bank support package reaches AED 6.2 billion

The Central Bank of the UAE (CBUAE) has announced the key outcomes of its comprehensive support package designed to strengthen the resilience of financial institutions.
Dubai Holding picks 15 scale-ups from 1,400+ applicants for sustainability challenge

Dubai Holding, a diversified global investment company with investments in more than 30 countries, has announced the 15 bold scale-ups selected for its 'Innovate For Tomorrow' impact accelerator programme.
ADNOC backs UAE's AED1 billion National Industrial Resilience Fund

ADNOC has become the first partner to support the UAE Cabinet's newly announced AED1 billion National Industrial Resilience Fund (NIRF) following a trilateral agreement signed at the 'Make it in the Emirates' 2026.
Trump sets deadline for EU to comply with trade deal or face 'much higher' tariffs

US President Donald Trump has announced on Thursday that he would give the European Union until July 4 to implement trade deal commitments before he raises tariffs on EU goods, including cars, to "much higher levels."