UAE Cabinet Approves Initiatives to Bolster National Development

The UAE Cabinet, led by Sheikh Mohammed bin Rashid Al Maktoum, convened at Qasr Al Watan in Abu Dhabi to approve a series of initiatives aimed at enhancing the nation’s development across various sectors. The meeting was attended by key government officials, including Sheikh Mansour bin Zayed Al Nahyan, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, and Lt. General Sheikh Saif bin Zayed Al Nahyan.

A significant outcome of the meeting was the approval of the Federal General Budget for 2024-2026, totaling AED192 billion. Investments in social development and benefits constitute 42% of the budget, while government affairs account for 39%. The remaining funds are allocated to infrastructure, economic resources, financial assets, and other federal expenses. Sheikh Mohammed emphasized the government’s commitment to social development and efficient governance.

The Cabinet also established the Financial Stability Council, chaired by Sheikh Mansour bin Zayed. The council’s board includes the Minister of State for Financial Affairs, the Governor of the Central Bank, and other financial authorities. Its mandate is to protect the UAE’s financial system, develop financial infrastructure, and ensure the stability of financial institutions.

In a move to strengthen the pharmaceutical sector, the UAE Drug Corporation was established. This independent federal entity will regulate and license the circulation of medical and pharmaceutical products, healthcare items, food supplements, cosmetics, and agricultural products. It aims to enhance manufacturing capabilities to achieve national pharmaceutical security.

The Digital Government Service Policy was approved to measure and ensure the efficiency of government services. This policy underscores the UAE’s commitment to digital transformation and improving public service delivery.