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UAE sets 4-year federal budget at 290 billion dirhams focused on social development

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UAE Vice President, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid chaired a cabinet session on Tuesday where he announced the federal budget for the next four years was set at 290 billion dirhams ($79 billion).

The country approved a total of 58.9 billion dirhams ($16 billion) of spending in 2022.

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“The largest share of the 2022 budget was allocated to the development and social benefits sector at 41.2 percent, out of them 16.3 percent for education, 6 percent for social development, 8.4 percent for health, 8.2 percent for pensions and 2.6 percent for other services,” according to state news agency WAM.

“Some 3.8 percent of the budget has been allocated to the infrastructure and financial resources sector,” it added.

The cabinet session also approved the appointment of Deputy Prime Minister, Deputy Ruler of Dubai and Minister of Finance Sheikh Maktoum bin Mohammed bin Rashid as the Chairman of the General Budget Committee and Chairman of the Federal Tax Authority Board of Directors.

Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohamed bin Zayed had announced earlier this month that the country has “overcome” the COVID-19 pandemic and declared a “return to normal.”

The UAE has said it begun winding down an economic support program that was launched in response to the coronavirus pandemic, citing signs of gradual recovery. The country has one of the world’s fasted vaccination campaigns and has so far administered 20.5 million doses. Daily virus cases have remained under 200 for weeks.

With Bloomberg

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