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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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Saudi Arabia’s PIF Announces New Leadership Appointments

 Aerial view of the Saudi capital showing the Public Investment Fund (PIF) tower (SPA) 
 Aerial view of the Saudi capital showing the Public Investment Fund (PIF) tower (SPA) 
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Saudi Arabia’s PIF Announces New Leadership Appointments

 Aerial view of the Saudi capital showing the Public Investment Fund (PIF) tower (SPA) 
 Aerial view of the Saudi capital showing the Public Investment Fund (PIF) tower (SPA) 

Saudi Arabia’s Public Investment Fund (PIF) announced on Thursday a series of new leadership moves, including the appointment of Saad Alkroud as Head of the Local Real Estate Investment Division and Maram Al Johani as Acting Chief of Staff and Secretary General to the Fund’s Board of Directors.

In his new role, Alkroud will be responsible for developing PIF’s local real estate and infrastructure investment portfolio, which includes the giga-projects and several other strategic developments.

Alkroud joined PIF in 2016 as Head of Stakeholder Management, overseeing PIF Board and Committees affairs and international relations, as well as managing relationships with Saudi entities to deliver strategic initiatives and objectives.

In 2021, he was appointed as Chief of Staff, and in 2022 he took on additional responsibilities as Secretary General to the PIF Board of Directors.

In that position, he supervised corporate strategy and business plans, the PIF Project Management Office, including the establishment of new companies, and the affairs of PIF’s portfolio companies, stakeholders and committees.

He also serves on the boards of several PIF companies.

Alkroud’s appointment came after Eng. Aiman AlMudaifer has been named Acting CEO of NEOM since November 2024. AlMudaifer is also a board member of several PIF portfolio companies.

AlMudaifer has led the Local Real Estate Investment Division since 2018, helping to drive significant growth and transformation.

As of 2023, the portfolio included more than 35 real estate companies, with investments in Saudi real estate and infrastructure continuing to deliver sustainable returns.

The advancement of and investment in landmark developments and infrastructure projects have helped position PIF at the forefront of Saudi Arabia’s economic diversification, including the creation of tourism and cultural destinations.

PIF also announced that Maram Al Johani has been assigned as Acting Chief of Staff and appointed as Secretary General to the PIF Board of Directors.

She will lead organization-wide strategic planning, data and committees governance, and the project management office.

In addition, she will oversee portfolio company affairs and manage international and local stakeholders.

Al Johani joined PIF in 2017 after working for PricewaterhouseCoopers. She brings extensive experience to both roles, having served as PIF’s Head of Data and Committees Governance and Advisory Department since 2021.

PIF said these appointments reinforce the Fund’s strong leadership foundation and support the delivery of its unique mandate and long-term strategy, within the organization and across its portfolio of more than 220 companies, to create opportunities for the global economy and drive the economic transformation of Saudi Arabia.