The largest federal budget ever to be approved by the UAE Cabinet will be allocated towards education and social development
1 October 2018| Last updated on 1 October 2018
The UAE just made huge headlines when they approved a budget of AED60.3 billion for the 2019 fiscal year on Sunday.
Marking this as the largest in UAE’s history, the newly balanced budget will see around AED60.3 billion allocated towards education and social development next year.
This sum of money is a 17.3% increase from the allocated 2018 budget, which was balanced around AED51.4 billion towards community development and education in the UAE.
And that’s not all that was approved by Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister and Ruler of Dubai - the UAE Cabinet also allocated a projected budget of AED180 billion to be used from 2019 to 2021 for social progress and education in the country.
Here’s what the budget aims to do
HH Sheikh Mohammed bin Rashid stated that ministers should never forget to implement federal targets to improve their country’s health, education and security.
The main objective of the budget is to prioritize the citizens of the UAE and ensure the prosperity of the people in the country.
The massively approved sum of money will be geared to achieve the UAE’s 2021 Vision and help the people in the UAE achieve their aspirations – here’s a breakdown of the allocation of the AED60.3 billion:
- AED24.5 billion will go to social development programmes
- AED10.25 billion will go to education
- AED4.40 billion will go to healthcare
- The security sector is also set to receive some investment
This will help to support and grow the UAE GDP growth in 2019 – with the UAE already witnessing an increase of AED1.97 billion this month.
The UAE is implementing a fiscal growth in the next few years that is not heavily dependent on oil growth – the budget was set to follow a new series of policies to increase economic growth and investment.
Other budget allocations in the UAE
The UAE is also set to witness new regulations and money allocation to sustain and grow the country.
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi also announced back in June that Abu Dhabi will received an AED50 billion package to allocate for the next three years.
This project, called Ghadan 2021 (Tomorrow 2021) will see 50 new initiatives that will stimulate investments and create new jobs – especially the employment and education of Emiratis in the UAE.