UAE Business: UAE cabinet approves $68.6bn federal budget for 2023-2026 – Gulf Digital News

UAE Business: UAE cabinet approves $68.6bn federal budget for 2023-2026 – Gulf Digital News

The UAE cabinet, under the chairmanship of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved the federal budget 2023-2026 with a total estimated expenditure of AED252.3 billion ($68.6 billion) and estimated revenues of AED255.7 billion ($69 billion), reported Wam.

The meeting was attended by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance; and Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior.

Sheikh Mohammed said the federal budget was a major driver of the government’s development ambitions and plans.

As per budget estimates, the UAE revenue growth for the fiscal year 2023 is likely to hit 11% with a growth rate of 3.9% in expenditures, he added.

"We reviewed the UAE Railway Programme... the largest infrastructure project in the UAE, linking 11 cities, 7 logistics centres and 4 international ports in the country... Under the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the follow-up of H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Etihad Rail, this project will change the infrastructure map in the country," he stated.

On the Federal