The UAE Cabinet has given the green light to the 2024-2026 federal budget, totaling Dh192 billion.
This budget allocates 42 per cent for social development, 39 per cent for government affairs, and the remaining 19 per cent for infrastructure development and financial/economic assets of the federal government.
The budget was approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and the Ruler of Dubai, during a Cabinet meeting.
Financial Stability Board
The Cabinet also issued a decree regarding the Financial Stability Board chaired by Sheikh Mansour bin Zayed Al Nahyan. The Financial Stability Board aims to promote and ensure financial stability and cooperation between the financial authorities in the country, develop the financial infrastructure and raise the financial system’s contribution to economic development.
The board members include the Minister of State for Financial Affairs, the Governor of the UAE Central Bank, the Chairman of the Board of Directors of the Securities and Commodities Authority, and the Chairman of the Board of Directors of the Abu Dhabi Global Market.
Other members include the Chairman of the Board of Directors of the Dubai Financial Services Authority, Undersecretary of the Ministry of Finance and Assistant Governor of the Central Bank.
Emirates Drug Corporation
The Cabinet issued a law establishing the Emirates Drug Corporation, the official body dedicated to regulating and licensing medical and pharmaceutical products, health care products, nutritional supplements, cosmetics, and veterinary and agricultural products.
The corporation aims to make the country a reliable global hub for pharmaceutical and medical industries, develop national capabilities in drug manufacturing, promote research and development, attract leading investment in the pharmaceutical sector, and enhance pharmaceutical security.
Policy for digital services
The government also approved a policy for digital government services, which aims to raise the level of government digital services and ensure their availability and reliability, tweeted Sheikh Mohammed.
During the meeting, Sheikh Mohammed also approved restructuring the UAE Space Agency’s board under the presidency of Sarah Al Amiri.
The Cabinet also approved 13 new agreements with international organisations and several countries worldwide, including an agreement on judicial cooperation in civil and commercial matters with Turkey and Argentina, an agreement on air services with Austria, and other agreements.
source: gulfnews.com