The cabinet of the United Arab Emirates approved a federal budget of 58 billion dirhams ($15.8 billion) for the fiscal year 2021, state news agency WAM reported on Sunday.
The budget was down from this year's 61.35 billion dirhams.
"The UAE economy will be among the fastest to recover in 2021, and the government has dealt with the 2020 budget efficiently and has all the tools to continue its financial and operational efficiency in 2021," the Dubai media office quoted Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum, who is also the UAE's Prime Minister, as saying.
The federal budget continues to focus on both social and economic development, WAM said.
The budget aims to expand development plans and projects to raise living standards and provide a decent living for Emiratis and residents. A large share of the 2021 budget will be allocated to social development including social welfare, health and education, the news agency added.
