The UAE Cabinet on Sunday approved Dh248 billion for the five-year draft federal budget for 2017-2021, with Dh48.7 billion earmarked for 2017 (in addition to the revenues of independent entities and financial investments). The Cabinet meeting was chaired by Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Sunday at the Presidential Palace. He asserted that the federal government, led by the President, Khalifa bin Zayed Al Nahyan, continues to achieve the happiness of its people and to ensure security and a decent life for them. «Utilizing the financial resources to achieve the highest degree of prosperity and welfare of the citizens and residents is a priority, underlining education, health and community welfare as key pillars for the development of the society,» he further said. Sectors that are directly related with social services received the largest portion of 2017 budget with more than half allocated for these sectors, valued at Dh25.2 billion including general and higher education sector at 20.5 percent (Dh10.2 billion); health care and protection of society at 8.6 percent, (Dh4.2 billion); pensions at 8.2 percent, (Dh4 billion), community development at 6.6 percent, (Dh3.2 billion ), housing at 3.3 percent (Dh1.6 billion). The budget also allocates 42 percent for government affairs sector, valued at Dh20.7 billion, to manage its financial affairs, provide the finest services to citizens, and achieve the vision of leadership to positioning the UAE in the leadership position in assuring the security and safety of its citizens and residents. This includes special programs that support the nation›s relationships regionally and globally, and the development of the judiciary and providing distinctive judicial services. Within the budget, Dh3.3 billion was assigned to federal projects, of which Dh891 million are allocated for projects of the federal ministries, and Dh771 million for development power and water projects in the country to be implemented by the Federal Authority for Electricity and Water. An amount of Dh1.4 billion goes for projects under the Sheikh Zayed Housing Program, and Dh13.5 million for the projects of the Ministry of Education. In addition to that, Dh215 Million were allocated to establish police and civil defense centers, and headquarters of naturalization and residence, and scientific laboratories. Dh2 billion has been set aside to supporting government innovation, through the establishment of the Shaikh Mohammed bin Rashid Al Maktoum Fund to Finance Innovation. It will provide financing solutions for innovators and incubation support to turn their ideas into projects that will support the national strategy for innovation and achieving the goals of Vision 2021. On another note, the Cabinet adopted the final accounts of the Emirates Transport and Al Etihad Credit Bureau for the year 2015 along with the adoption of the funding differences for federal universities and colleges for the first and second semesters for the academic year 2015-2016. In international relations, the Cabinet agreed and endorsed a number of international conventions, including the ratification of two agreements between the Government and the Principality of Liechtenstein, and the Slovak Republic on double taxation avoidance and prevention of fiscal evasion with respect to taxes on income and capital. It also endorsed three agreements on air services in-between and beyond the regions with Republic of Uganda, the Republic of Slovakia, and the government of Antigua and Barbuda. The conventions endorsed included the signing of an agreement between the UAE Space Agency and the National Aeronautics and Space Administration of the United Space to participate in the International Training Program for NASA. — SG/WAM
