Abu Dhabi:The UAE General Budget Committee convened its 15th meeting to discuss the draft federal budget for the 2027-2029 fiscal years under the medium-term strategic plan.
According to Wam, the meeting took place at Qasr Al Watan and was attended by key figures including His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, and H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance. Other attendees included Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and Khaled Mohamed Balama Al Tameemi, Governor of the Central Bank of the UAE, alongside representatives from the Presidential Court and Ministry of Finance.
The discussions concentrated on the draft federal budget for the year 2027, as part of the 2027-2029 budget cycle. These talks were informed by preliminary expenditure estimates and revenue forecasts aligned with the Federal Decree-Law No. (26) of 2019 on Public Finance, with updates to tax legislation.
The Committee instructed that necessary procedures be completed for the preparation of the draft federal budget for the upcoming planning period. It also reviewed the federal government's financial position for 2026, based on actual expenditure and revenue recorded to date.
Financial indicators demonstrate ongoing growth in economic activity and progress in the UAE's economic sectors, despite regional and global developments. The Committee considered federal entities' requests for funding new strategic projects and issued relevant directives. It also reviewed developments concerning approved capital and development projects completed during 2026.
The strategic plan for the new budget cycle aims to utilize artificial intelligence to enhance planning and financial data analysis, simplify procedures, and improve fiscal efficiency. The plan positions the federal budget as a tool for future readiness and supports sustained growth by enhancing government services.
The Ministry of Finance, through its Strategic Plan 2027-2029, aims to bolster public finance as a strategic tool for sustainable development, enhance government efficiency, and improve quality of life, thereby consolidating the UAE's global standing.
The Committee commended the Ministry of Finance for its efforts in preparing the draft federal budget for the 2027-2029 cycle. Previously, the UAE Cabinet approved the federal general budget for 2026 with estimated revenues and expenditures of AED92.4 billion each, maintaining balanced financial resources and public expenditure.