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UAE Approves $68.6 Bln Federal Budget for 2023-2026

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, chairs the cabinet meeting on Monday. (WAM)
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, chairs the cabinet meeting on Monday. (WAM)
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UAE Approves $68.6 Bln Federal Budget for 2023-2026

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, chairs the cabinet meeting on Monday. (WAM)
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, chairs the cabinet meeting on Monday. (WAM)

The cabinet of the United Arab Emirates, chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, approved on Monday the federal budget 2023-2026, with a total estimated expenditure of AED 252.3 billion and estimated revenues of AED 255.7 billion.

A budget for the year 2023 has been allocated, with total estimated expenses of AED 63.066 billion, and total estimated revenues presented for approval amounted to AED63.613 billion, reported the state news agency WAM.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, noted that the government prioritizes the prosperity of the people of the UAE.

He noted that under the leadership of President Sheikh Mohamed bin Zayed Al Nahyan, and the directives of Sheikh Mohammed bin Rashid Al Maktoum, the UAE has laid solid foundations for the government work system to accelerate advancing sustainable development.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum said: “The federal budget is an essential pillar in the UAE’s development process, and the directives of our wise leadership help us achieve our development and social requirements for the coming years.”

He emphasized that the federal budget is subject to continuous reviews in order to keep pace with all changes, trends, and directives.

“Our goal is to ensure that the Federal Government operates with the highest standards of financial efficiency,” he added.

“The financial resources of the federal budget are sustainable, and the budget’s main objective is to strengthen the Federal Government in pursuit of its developmental, economic, and social goals,” he stressed.

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Egypt Govt Pledges Wage Hikes, Relief for Citizens

A woman prepares traditional Egyptian butter cookies known as "Kahk", to celebrate Eid al-Fitr, which marks the end of the holy month of Ramadan in Cairo, Egypt, March 23, 2025. (Reuters)
A woman prepares traditional Egyptian butter cookies known as "Kahk", to celebrate Eid al-Fitr, which marks the end of the holy month of Ramadan in Cairo, Egypt, March 23, 2025. (Reuters)
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Egypt Govt Pledges Wage Hikes, Relief for Citizens

A woman prepares traditional Egyptian butter cookies known as "Kahk", to celebrate Eid al-Fitr, which marks the end of the holy month of Ramadan in Cairo, Egypt, March 23, 2025. (Reuters)
A woman prepares traditional Egyptian butter cookies known as "Kahk", to celebrate Eid al-Fitr, which marks the end of the holy month of Ramadan in Cairo, Egypt, March 23, 2025. (Reuters)

The Egyptian government has pledged to improve wages and ease the financial burden on citizens by raising the minimum wage to 7,000 Egyptian pounds (1 USD = 50.45 EGP in banks) starting from the new fiscal year in July 2025.

In its proposed budget for the 2025-2026 fiscal year, the government allocated an 18.1% increase in wage provisions, totaling 671 billion pounds to fund the new salary increases.

This includes a 10% increase in the periodic allowance for civil service law employees and a 15% increase for non-civil service employees, with a minimum increase of 150 pounds per month, according to Finance Minister Ahmed Kouchouk's statement on Monday.

The government measures also include raising the “cost of living allowance” from 600 to 1,000 pounds and increasing the additional incentive by 300 pounds across all job grades.

This will result in a minimum monthly salary increase of 1,100 pounds for the lowest job grade, boosting overall wages.

While welcoming the increase in the minimum wage, Samira Al-Jazzar, a member of the parliamentary plan and budget committee, called on the government to take further steps to ensure citizens benefit from the wage hikes.

She stressed the need to regulate markets and implement strict measures against price manipulators.

Al-Jazzar expressed concerns about potential price hikes, which could lead to a rise in inflation again.

She told Asharq Al-Awsat that the government should have pursued multiple strategies to address this issue.

The lawmaker also emphasized the importance of expanding production, which she believes would gradually reduce prices.

Economic expert Karim Al-Omda told Asharq Al-Awsat that the new wage increases are a preemptive move by the government to mitigate public anger over expected rises in fuel and service prices.

The government plans to raise fuel prices three times by the end of this year as part of a fuel subsidy reduction strategy under the economic reform program agreed with the International Monetary Fund, which secured a $12 billion loan, according to statements from Prime Minister Mostafa Madbouly.

Al-Omda urged the government to accelerate improvements in the education and healthcare sectors to genuinely enhance citizens' lives.

He highlighted the urgency of speeding up the implementation of the "comprehensive health insurance" system and making substantial reforms to the education system.

The Ministry of Finance has pledged to allocate the necessary funds to hire over 75,000 teachers, 30,000 doctors, and 10,000 other personnel in various government sectors in the upcoming fiscal year.