The Federal National Council (FNC) held its session number 12 today, Wednesday, chaired by Dr. Tariq Humaid Al Tayer, First Deputy Speaker of the FNC, in Zayed Hall at the Council’s headquarters in Abu Dhabi, in the presence of His Excellency Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs. During the session, the Council presented a draft federal law approving the consolidated annual report (consolidated financial statement) for the fiscal year ending 2023.

During the session, the UAE Ministry of Finance presented its mission to direct the financial resources of the nation to achieve developmental goals, ensure the happiness of its people, and contribute to providing a secure and decent living, and quality of life for its citizens. It was noted that the past year witnessed many government projects and investments across key sectors of the national economy. The consolidated financial statement for the federal government in 2023 showed revenues of AED66.2 billion and actual expenditures of AED58.2 across all industries, with total government assets reaching AED391.7 billion.

His Excellency Al Hussaini indicated during the session that actual expenditures on salaries and wages reached AED22.9 billion, with 2,248 new appointments of Emiratis. Regarding community development and social affairs, the government spent approximately AED3.3 billion to ensure a better quality of life for all segments of society. For infrastructure and federal roads, the government spent more than AED2.1 billion on the construction, development, maintenance, and lighting of streets, government buildings, centres, schools, and hospitals, among others.

His Excellency confirmed that over AED5.3 billion was spent on updating medical products, devices, and equipment and developing government hospitals in line with the highest international standards. This aligns with the nation’s vision to position the UAE among the best countries in healthcare and one of the top medical destinations in the region.

His Excellency Al Hussaini also noted that the government spent AED10.6 billion to support early, primary, secondary, and higher education and develop curricula and schools that are models of the best educational facilities in the region. The UAE prioritises education as the most important pillar of society and the foundation upon which future generations are built.

The federal government spent AED7.8 billion on the defence and security sector to develop military defence capabilities and public security, ensuring the nation’s safety and preserving its achievements while protecting its citizens and residents. Security and safety remain exceptional features of the UAE.