Abu dhabi: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, presided over a UAE Cabinet meeting at Qasr Al Watan. During this session, the Cabinet approved the Federal General Budget for the fiscal year 2026, which includes total expenditures of AED92.4 billion.
According to Emirates News Agency, the Cabinet meeting was attended by several prominent figures, including His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court; H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence; and H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance.
His Highness Sheikh Mohammed bin Rashid Al Maktoum emphasized that the 2026 Federal Budget is the largest since the founding of the Union, with projected revenues and expenditures both set at AED92.4 billion. The budget aims to strengthen the federal framework and reaffirm the nation’s commitment to balanced development. Additionally, a Federal Financial Support Programme was approved to ensure financial sustainability for federal entities.
The meeting included a review of the National Agenda for Outbound Direct Investment for 2024, highlighting a 9% growth in cumulative outbound investments, reaching AED1.05 trillion. The UAE ranks as a leading global economy in outbound foreign direct investment. The Cabinet also approved 35 international agreements and memoranda of understanding in economic and development cooperation.
The UAE Export Development Policy results were also reviewed, indicating a significant increase in export values from AED470 billion in 2019 to AED950 billion in 2024, marking a 103% rise. Comprehensive Economic Partnership Agreements have facilitated this growth, strengthening the UAE’s position as a global trade hub.
In addition to budgetary matters, the Cabinet approved the National Guideline for Assessing the Economic Value of Groundwater in the UAE, aimed at conserving natural resources and ensuring water security. Further, the UAE Biennial Transparency Report on greenhouse gas emissions was sanctioned, underscoring national efforts to address climate change.
Other significant approvals included a national team formation for reviewing food safety legislation, updates to federal legislation on social support and empowerment, and resolutions regarding excise goods and anti-money laundering. The Cabinet also ratified agreements for international cooperation, including an air transport agreement with Qatar and a cooperation agreement with Tunisia.
The UAE will host the International Conference on Artificial Intelligence for Cybersecurity and the Second National Conference of Medical Colleges, further bolstering its position in global dialogues.