10 January 2023:

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, today chaired the eighth meeting of the General Budget Committee.

The meeting was attended by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court; H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation; H.E. Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, H.E. Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs; and H.E. Khaled Mohamed Salem Al Tamimi, Governor of the Central Bank of the UAE; in addition to representatives of the Ministry of Finance.

The General Budget Committee discussed several topics, including federal cash flow for fiscal years 2022-2023, in light of the actual revenues during the fiscal year 2022 and the expected revenues for the fiscal year 2023.

The committee also reviewed the financial position of the federal government for the fiscal year 2022 in light of the actual expenditures and revenues during 2022. The indicators reflect the country’s national economic growth and the recovery of its various economic sectors, and the committee recommended taking the necessary measures in this regard.

Additionally, the committee discussed the requests of federal entities regarding the supplementary budget for the fiscal year 2023, and reviewed the developments of the approved capital projects that were delivered during the fiscal year 2022. The committee also reviewed the development projects being implemented during the fiscal year 2023 in accordance with the applicable financial policies and procedures.

The Federal Budget is an essential pillar in the UAE’s sustainable development process and the wise leadership’s directives to achieve the country’s development and social requirements for the coming years. The Federal Budget is flexible and subject to continuous reviews to keep pace with all changes and directives, ensuring that the Federal Government operates with the highest standards of financial efficiency.