His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, chaired a meeting at Qasr Al Watan in Abu Dhabi. The purpose of this gathering was to approve a federal budget for the years 2024 to 2026, totaling Dh192 billion ($52.27 billion).
The allocation of this budget for the upcoming year has been carefully planned. Approximately 42% will be directed towards the development and social benefits sector, indicating a strong focus on enhancing societal well-being. Another 39% is set aside for government affairs, highlighting the importance of efficient governance. Additionally, 19% of the budget is designated for the development of infrastructure and financial and economic assets of the federal government, aiming to boost the nation’s overall growth.
During the meeting, Sheikh Mohammed shared key initiatives that were discussed and approved. One significant announcement was the establishment of the Emirates Drug Authority, a regulatory body overseeing pharmaceutical and healthcare products. The authority will regulate and license a range of products including medical and pharmaceutical items, healthcare products, nutritional supplements, cosmetic products, veterinary products, and agricultural products. The primary goal of this initiative is to position the UAE as a global hub for pharmaceutical and medical industries. The focus will be on developing national capabilities in drug manufacturing, encouraging research and development, and attracting substantial investments in the pharmaceutical sector to enhance pharmaceutical security.
Moreover, Sheikh Mohammed emphasized the establishment of the Financial Stability Council, which will oversee the country’s financial infrastructure. This council, led by Sheikh Mansour bin Zayed, Deputy Prime Minister and Chairman of the Presidential Court, aims to enhance and ensure financial stability, encourage cooperation among financial authorities, develop financial infrastructure, and increase the financial system’s contribution to economic development.
Other important updates include the approval of a policy for digital government services standards, aiming to elevate the quality, availability, and reliability of digital government services. Furthermore, the Cabinet approved the restructuring of the Emirates Space Agency Council under the leadership of Sarah Al Amiri, Minister of State for Public Education and Advanced Technology.
These decisions underline the UAE’s dedication to progress in various sectors, promising a prosperous and stable future for the nation.
