Department of Finance – Abu Dhabi launches 2026 Budget Cycle to enhance financial sustainability
2 June 2025 15:02
ABU DHABI (ALETIHAD)The Department of Finance – Abu Dhabi (DoF) has organised the 2026 Budget Cycle through a high-level event that brought together more than 450 senior officials representing 65 government entities across the emirate.This year's cycle marks Abu Dhabi's full transition to the Performance-Based Budgeting (PBB) Model, a pioneering initiative that links government spending directly to entity-level goals, ensuring tangible improvements in service quality and societal well-being. The model also reinforces transparency, data-driven decision-making, and aligns with global best practices as endorsed by the Organisation for Economic Co-operation and Development (OECD).The event featured comprehensive discussions around the key pillars of the 2026 budget, covering plans and strategies to promote financial sector growth in alignment with government priorities. By embracing innovation, collaboration, and transparency, DoF seeks to unify efforts across entities to direct resources toward measurable outcomes that reflect the emirate's strategic vision.The annual gathering, which drew notable attendance, included a series of interactive and thematic sessions addressing the latest trends in public finance and global budgeting practices. These insights aim to enhance Abu Dhabi's competitiveness and support its forward-looking transformation toward a more agile and innovative economy.Her Excellency Buthaina Al Mazrouei, Director General of Government Financial Affairs at DoF, said: 'The 2026 Budget Cycle is a defining moment in our journey to reinforce an integrated financial system that places human well-being at the heart of fiscal policies. This exceptional event builds on the success of the 2025 cycle and reflects the department's critical role in institutionalising financial sustainability.'Guided by the vision of our wise leadership, we continue to shape a financial ecosystem that aligns with Abu Dhabi's development aspirations. By equipping government entities with the tools for smart, data-led, and priority-based planning, we are committed to delivering real, measurable results. Our ambitious vision, strong collaboration, and unwavering commitment to excellence will further position Abu Dhabi as a global hub for fiscal innovation and sustainability.'Participants also showcased a range of innovative initiatives and practices aimed at driving efficient resource allocation, seen as vital to achieving sustainable economic growth and improved quality of life. The event, as a prominent annual milestone, serves as the formal starting point for government entities to begin preparing their budgets for the year ahead, within a cohesive framework aligned with national priorities and sectoral strategies.As part of this year's Budget Cycle, the Department of Finance – Abu Dhabi also announced the launch of the Budget Excellence Award, an initiative designed to recognise outstanding institutional performance among government partners. The award highlights six core values: collaboration, transparency, innovation, efficiency, impact, and excellence. It celebrates entities that demonstrate best-in-class practices in budget planning and public financial management. This new initiative underscores DoF's commitment to fostering a culture of continuous improvement and strategic alignment in pursuit of sustainable fiscal outcomes.
The department has developed an integrated communications plan to accompany the full budget cycle, covering all phases from early planning to implementation follow-up, ensuring message consistency in line with world-class financial governance standards.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
2 hours ago
- The National
Nearly half of UAE entrepreneurs lack succession plans to secure family businesses, HSBC says
Nearly half of the UAE's entrepreneurs do not have succession plans in place to pass their businesses on to the next generation, according to HSBC. Forty-eight per cent of businesspeople in the Emirates have no such plans, only five per cent lower than the global average, Britain's biggest bank said on Wednesday in a spin-off study of its latest Global Entrepreneurial Wealth Report. Around 39 per cent of the Emirates' entrepreneurs will pass their businesses to the next generation, while 10 per cent are selling them off, the study found. This compares to global averages of 34 per cent and 10 per cent, respectively. Those who were able to take over family businesses say they felt trusted by the previous generation, the report found. 'Being prepared for business succession and clearly communicating with family will be key to long-term survival,' Gemma Wild, head of global collaboration for the Middle East and North Africa at HSBC Global Private Banking, said in the report. 'Opportunities are abundant, but only those who are prepared will succeed.' The UAE has rapidly become a hub for entrepreneurs and the wealthy thanks to its strong economic growth and policy reforms it has rolled out to attract investors. Dubai and Abu Dhabi lead the top five preferred global locations for high-net-worth people looking to relocate, driven by personal tax incentives and a good quality of life, global property consultancy Savills said in an April report. The UAE capital also ranked among the top five places for corporate relocations based on corporate tax and business environments, volumes of foreign direct investment, and economies and knowledge bases, the consultancy said. The number of millionaires living in Dubai has doubled in the past decade, making it one of the world's fastest-growing wealth hubs, according to World's Wealthiest Cities Report 2025 by New World Wealth for Henley & Partners, released in April. In 2024, Dubai had an estimated 81,200 millionaires, 237 centimillionaires, whose wealth is in the hundreds of millions, and 20 billionaires, according to the report. That compares to 72,500 millionaires, 212 centimillionaires and 15 billionaires in 2023. 'Entrepreneurs, by their very nature, are optimistic and recognise opportunities even within the most constrained circumstances,' HSBC said. 'Those in the UAE are no exception: they possess high levels of optimism around their personal wealth growing in the near future.' UAE entrepreneurs feel more valued UAE entrepreneurs felt more valued by society compared to their international peers, as they prioritise ethics over pursuing profits, the HSBC study found. Around 86 per cent of businesspeople in the Emirates claim they feel more valued by the broader community, compared to the worldwide average of 79 per cent, it said. Business decisions taken by UAE entrepreneurs are driven by purpose, with about 81 per cent saying they align their practices with personal values over profit, the report found. Additionally, 88 per cent of them act to make an impact on society – and this figure is even higher, at 91 per cent, for ultra-high-net-worth people, or those who have a fortune of at least $30 million, HSBC said. 'This could be the reason for their success: with a deep-seated purpose that drives them to succeed beyond mere financial gain,' the bank said.
Zawya
2 hours ago
- Zawya
Mideast Stocks: Most Gulf markets rise, Dubai's main index hits over 17-year high
Most Gulf share indexes ended higher on Wednesday, tracking steady oil prices as a hit to Canadian supply from wildfires offset a hit from ongoing OPEC+ output increases. Dubai's main share index hit its highest levels since 2008 and settled 0.25% higher, with real estate financier Amlak Finance the top gainer on the index with a 14.6% rise. The index has been recording gains each year since 2021. It rose 27% last year and is up 7% so far this year. Abu Dhabi's benchmark index followed the trend, closing 0.45% higher. The index recorded a second consecutive session of gains. Oil prices - a catalyst for stock markets in the Gulf - held steady, with Brent crude futures rising 0.1% to $65.59 a barrel by 1203 GMT. The OPEC+ group recently decided to increase output by 411,000 barrels per day, a similar increase from the prior two months. Meanwhile, Canada's wildfires have reduced production by 344,000 bpd, according to Reuters calculations. A possible call between U.S. President Donald Trump and Chinese leader Xi Jinping also dominated market sentiment, with investors continuing to focus on the pace of trade negotiations. Saudi Arabia's benchmark stock index settled 1.59% higher, with Arabian Pipes Company jumping 35.15%. The welded steel pipes manufacturer approved an increase of its share capital to 200 million SAR ($53.32 million) at an extraordinary meeting last day. JP Morgan also said on Tuesday that the kingdom is expected to issue $12.6 billion in bonds until year-end. Companies in Saudi Arabia have been tapping debt markets, with state oil giant Aramco raising $5 billion in bonds last week. Aramco settled flat on Wednesday. Qatar's benchmark stock index finished 0.56% lower, with Commercial Bank falling 2.45%. Data from Qatar's finance ministry showed that the country recorded a budget deficit of 0.5 billion Qatari riyals ($137.32 million) in the first quarter of 2025 and total revenue of 49.9 billion Qatari riyals, down 7.5% from the same period last year. Outside the Gulf, Egypt's blue-chip index was up 1%, with automotive company GB Corp rising 7.29%. The index recorded a second consecutive session of gains. Wednesday also marks the deadline for countries to submit their best proposals for trade deals with the United States to avoid Trump's hefty tariffs. All Gulf stock markets will be closed on Thursday as the countries will be observing the Day of Arafat. SAUDI ARABIA up 1.59% to 11,004.5 ABU DHABI up 0.45% to 9,735 DUBAI up 0.25% to 5,535.9 QATAR down 0.56% to 10,558.3 EGYPT up 1% to 32,677.9 BAHRAIN up 0.1% to 1,923.1 OMAN up 0.56% to 4,578.8 KUWAIT up 0.42% to 8,854.23 ($1 = 3.7506 Saudi Riyals) ($1 = 3.6412 Qatar riyals) (Reporting by Rishab Shaju in Bengaluru; Editing by Leroy Leo)
Zawya
3 hours ago
- Zawya
UAE seeks U.S. trade deal to roll back Trump's steel and aluminium tariffs
The United States and the United Arab Emirates have agreed to start negotiations for a potential bilateral trade agreement that could ease tariffs on the Gulf state's steel and aluminium industry, according to four people familiar with the matter. Emirati officials discussed the possibility of a trade agreement with U.S. counterparts during President Donald Trump's two-day visit to Abu Dhabi last month, the sources said. The Office of the U.S. Trade Representative did not respond to a request for comment. Neither did Emirati officials. Like other nations, the UAE has been hit by Trump's 10% baseline tariff on its exports to the United States. But its steel and aluminium products have also been hit by a 25% tariff that the Trump administration is now doubling to 50%. While the UAE is a major oil producer, its steel and aluminium products are significant non-oil exports. In 2024, the UAE was the second-largest steel and aluminium exporter to the U.S., accounting for 8% of total U.S. consumption, data shows. In Abu Dhabi, Emirati officials highlighted to U.S. counterparts comprehensive trade deals that it had signed with other countries over the past three years, the sources said. The UAE was capable of moving quickly on trade talks, Emirati officials told their U.S. counterparts, they said. The Gulf state has signed bilateral trade deals, known as Comprehensive Economic Partnership Agreements, with several countries since 2022, including India, Turkey and Australia. The pact with India was negotiated in just 88 days. The sources said that U.S. officials had responded positively, although it was unclear when talks would start. Two of the sources said Washington was likely to negotiate a limited deal that would fall short of a comprehensive free trade pact. However, they said any agreement, if reached, would likely still be called a Comprehensive Economic Partnership Agreement (CEPA), the same branding as the UAE's other trade deals. The UAE is Washington's biggest trade partner in the Middle East, according to the Gulf state's foreign ministry. Bilateral trade in 2024 was valued at $34.4 billion, according to U.S. trade data, with the U.S. enjoying a $19.4 billion surplus. The Gulf state, which is reliant on the U.S. security umbrella, has pledged to invest $1.4 trillion in the U.S. over the next decade. Its sovereign wealth funds, including Abu Dhabi's $330-billion Mubadala, are already big U.S. investors, and Trump and his family have business interests in the UAE. The UAE is influential in the region and hosts American soldiers on its bases. It is also negotiating a free trade agreement with the European Union. Gulf states Oman and Bahrain have bilateral free trade agreements with the U.S.
