Budget 2021 reflects resilience of UAE’s economy

Inayat-ur-Rahman

The UAE Cabinet chaired by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, on Sunday approved the Federal Budget of Dhs58 billion for the fiscal year 2021.

His Highness Sheikh Mohammed Bin Rashid has asserted that the UAE will continue to implement major projects and focus on social development sectors, despite the global economic conditions.

Sheikh Mohammed  emphasised that the efficiency of government spending in the UAE is among the highest in the world, “Aiming to achieve the fastest economic recovery, the 2021 budget is formulated to address economic changes without compromising the national development priorities, and we look forward to more achievements in the coming year.”

The budget aims to expand development plans and projects to raise living standards and provide a decent life for Emiratis and residents. A large share of the 2021 budget will be allocated to social development including social welfare, health and education.

Lalu Samuel, Chairman & Managing Director, Kingston Holdings told Gulf Today that the UAE Federal Budget 2021, with an estimated spending of Dhs58 billion reflects the resilience of the UAE economy and the financial strength of the country’s future plans.

“It does also highlight the fact that the UAE economy is pressing ahead towards further growth and prosperity and that the UAE leadership is forging ahead with implementing its development plans, and achieving the sustainable developments on all levels.” “This will undoubtedly give a strong impetus to local and foreign investors to increase their investments and projects,” Samuel added.

Satyabrata Das, Chief Executive Officer, Gulf Oil Middle East Limited told this reporter that the Federal Budget 2021 is yet another masterpiece of the visionary leadership of the UAE with the stamp of efficiency and forward thinking while aptly addressing the current economic environment and the needs of the society.

Imran Farooq, CEO, Samana Group mentioned that the  UAE Federal budget for 2021 announced on Sunday focuses on sustainability and prudent use of resources to continue the ongoing projects. UAE announced increased investment in emerging African economies to diversify its economy and increase two-way investments and boost bilateral trade opportunities.

“The new budget clearly reflects the UAE’s resolve to achieve the quickest economic recovery in the world, which will support the local businesses and increase FDI and bring the fastest stability.” Farooq added.

The Cabinet reviewed a report on the key milestones achieved by the Emirates Investment Authority, EIA, since its inception in 2007. The report highlighted the current assets managed by the EIA and the future plans to support governments priorities.

The Cabinet approved the restructure of the Emirates Youth Council headed by Minister of State for Youth, Shamma bint Suhail bin Faris Al Mazrouei. Furthermore, the Council is entrusted with new responsibilities that aim to accelerate youth empowerment in all sectors.

The Cabinet approved the final account of the Emirates Real Estate Corporation, EREC, for the fiscal year 2019, where the EREC achieved an overall growth in revenues by 23 percent compared to the previous year.

The Cabinet also reviewed a report presented by the Ministry of Community Development on the achievements of the Task Force established to evaluate volunteering during crises.

The UAE Nation Brand was approved to serve as a visual identity with the goal tofurther enhance the country’s impact and soft power across the world. The Cabinet advised all government departments to use the brand logo in marketing and advertisements to share the story of the UAE across all fields with the world. The UAE Government Media Office is the official entity responsible for the coordination with all partners to ensure the optimal use of Nation Brand in such a way that reflects all aspects of UAE development march.

A total of seven international agreements have been ratified by the Cabinet; including and agreement between the UAE and Israel regarding visa-free entry agreement for citizens of both countries. Two other agreements were between the UAE and the Republic of Sierra Leone regarding the encouragement and mutual protection of investments, the avoidance of double taxation and the prevention of tax evasion imposed on income and capital. Two agreements were signed with Burkina Faso and the Republic of Ghana regarding the avoidance of double taxation and the prevention of tax evasion imposed on income. Two agreements were signed with Guatemala and Rwanda regarding air transport services.