General Budget Committee holds its first meeting

Chaired by H.H. Sheikh Hamdan bin Rashid Al Maktoum

  
H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance

H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance

H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, chaired today the first General Budget Committee meeting. H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation; H.E. Mohammed bin Abdullah Al Gergawi, Minister of Cabinet Affairs and ‎the Future; H.E. Obaid Humaid Al Tayer, Minister of State for Financial Affairs; and H.E. Abdulhamid Saeed, Governor of the Central Bank of the UAE attended the meeting.

H.H. Sheikh Hamdan bin Rashid Al Maktoum said that the UAE and its wise leadership are making confident progress toward achieving global leadership by the UAE Centennial 2071 – which aims to make the UAE the best country in the world in terms of economic and social development, with the best government in the world, and at the forefront of the global competitiveness map in various fields. H.H. noted that the UAE was able to achieve significant achievements in this field despite the exceptional circumstances that the world is witnessing today due to the COVID-19 pandemic.

H.H. directed government entities towards the necessity of adhering to proper planning, and towards directing spending to paths that serve the public interest and contribute to building a knowledge-based national economy. H.H. stressed the importance of developing and managing the nation’s federal financial resources efficiently and effectively. H.H. noted that it would provide the necessary funds for development programs and projects aimed at supporting the UAE's leading economic and financial model, and providing the best services to citizens and residents, and providing a high and sustainable quality of life for all Emiratis in order to make the UAE people the happiest people in the world.

The committee discussed the federal general budget for the fiscal year 2020, as well as the stages of the federal general budget development during previous budget sessions. That, in addition to the draft federal general budget for the fiscal year 2021, and the procedures that have been taken regarding the implementation of the federal projects.

The committee reviewed the progress in the implementation of the current year’s federal general budget and cash flows in light of both the updated financial statements of the federal entities for 2020, and the unprecedented measures taken by the federal government to mitigate the repercussions of the COVID-19 pandemic. The aforementioned showcased the federal government’s commitment to harnessing all resources to combat the repercussions of this global crisis.

The committee praised the Ministry of Finance (MoF)’s efforts in preparing the draft federal general budget for the year 2021 in accordance with the best international standards. That, in addition to working remotely and cooperatively with federal entities to implement the strategic projects approved in the 2020 budget under the current exceptional circumstances.

The committee then reviewed the growth of the federal general budget throughout the past fiscal years, and emphasised the need to maintain and simultaneously develop the level of services offered to community members – especially in light of the current global circumstances. The committee also noted the importance of using financial resources in an optimal manner, in order to develop human resources in the country, and grow in various economic and social sectors.

The committee reviewed the expected cash flows for the fiscal year 2021 in light of the updated financial statements of the federal entities, as well as the developments of preparing the draft general budget for the fiscal year 2021. That, in addition to reviewing the procedures taken by MoF to update the 2021 draft budget, with the directives of completing the procedures in accordance with the financial circular issued by MoF in this regard.

MoF had made extensive efforts to prepare the draft federal general budget for the year 2021 despite the COVID-19 limitations. It held virtual meetings and remote training workshops with federal entities, and issued a financial circular with regards to preparing the draft budget for the year 2021. It also outlined the steps and procedures of preparing the draft budget, and coordinated with the concerned entities to make the necessary adjustments to it.

The General Budget Committee reviewed the procedures taken regarding the implementation of the federal projects, in accordance with the approved plan and the financial allocations included in the 2020 federal general budget, and issued the necessary recommendations in this regard.

H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, recently approved the establishment of the General Budget Committee for the UAE, chaired by H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, and appointed H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, as the Deputy Chairman of the Committee. Members of the committee are H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation; H.E. Mohammed bin Abdullah Al Gergawi, Minister of Cabinet Affairs and ‎the Future; H.E. Obaid Humaid Al Tayer, Minister of State for Financial Affairs; and H.E. Abdulhamid Saeed, Governor of the Central Bank of the UAE attended the meeting.

-Ends-

For more information, please contact:
Mary Khamasmieh
Weber Shandwick
E: mkhamasmieh@webershandwick.com 

Rawad Khattar
Weber Shandwick
E: RKhattar@webershandwick.com   

Evita Karam
Weber Shandwick
E: EKaram@webershandwick.com 

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