General Budget Committee’s 9th meeting discusses the UAE's draft general budget for the 2024 fiscal year

June 13, 2023

In the presence of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Minister of the Presidential Court, H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance held the ninth meeting of the General Budget Committee.

The meeting discussed the draft general budget of the Union for the 2024 fiscal year, in the presence of His Excellency Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs; His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs; His Excellency Khalid Mohammed Salem Balama Al Tamimi, Governor of the Central Bank of the UAE, in addition to Ministry of Finance and Presidential Court representatives.

During the meeting, the committee discussed the 2024 draft general budget within the budget plan for the 2022-2026 period, in accordance with the Federal Decree-Law No. (26) of 2019 on Public Finance, amendments, relevant resolutions and recommendations.

The committee directed the Ministry of Finance to complete drafting the General Budget of the Union for the year 2024, to be submitted to the UAE Cabinet. Also, the Committee reviewed the federal cash flows for the year 2023, in addition to reviewing the estimations of the projected budget expenditure through the end of fiscal year 2024, developed by concerned federal entities relating to their revenues forecast.

The Committee reviewed the federal government’s financial position for the year 2023, based on actual expenses and revenues collected during the first half of the year, which indicate a significant growth of the UAE across various sectors and economic activities.

During the meeting, the Committee was briefed on the updates of approved capital and the completed development projects during the last months of fiscal year 2023. The UAE Cabinet meeting has approved the federal budget for 2023 with a total of AED 63.1 billion.

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