UAE cabinet approves AED 51.4 bln for 2018 budget

The United Arab Emirates (UAE) cabinet has approved AED 51.4 billion federal budget for next year, an increase of 5.6 percent from the budget allocations for the fiscal year 2017, state news agency WAM reported.

Social development, education and healthcare received the maximum allocations.

The estimated budget for social development programs and social benefits stood at AED 26.3 billion, approximately 43.5 percent of the total budget.

Education segments received 17.1 percent allocation at AED 10.4 billion, while public education programs were allocated AED 6.6 billion or 10.9 percent of the total budget.

The healthcare and social protection provisions amounted to AED 4.5 billion – 7.4 percent of the total budget.

Social rights guarantee programs and community integration initiative received AED 3.5 billion; Sheikh Zayed Housing Program got AED 1.61 billion; and social benefits and pension programs received AED 4.4 billion.

The government sector was allocated AED 22.5 billion, 36.5 percent of the total budget, with AED 2.4 billion set aside for the maintenance of clear policies that support the UAE’s global and regional relations.

Around AED 927.5 million was allocated for the development of the UAE judiciary’s performance. The infrastructure and economy were allocated AED 8.9 billion.

The budget also allocated AED 2 billion to supporting government innovation, through the launch of the Sheikh Mohammed bin Rashid Al Maktoum Innovation Fund. The fund will provide financing solutions and support for innovators to turn their ideas into projects, the report said.