
Attended by Mansour bin Zayed and Maktoum bin Mohammed, General Budget Committee discusses draft budget for fiscal year 2026
ABU DHABI (WAM)The General Budget Committee has held its 13th meeting to discuss the draft general budget of the UAE for the fiscal year 2026.Held at Qasr Al Watan in Abu Dhabi, the meeting was attended by His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court; His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance; and His Highness Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs.Also present were Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs; and Khaled Mohamed Balama Al Tameemi, Governor of the Central Bank of the UAE (CBUAE), in addition to representatives of the Presidential Court and the Ministry of Finance.During its meeting, the committee discussed a number of topics, including the draft general budget for the fiscal year 2026 as part of the budget plan for the years 2022-2026. This was done in accordance with the coordination carried out by the Ministry of Finance with all federal entities for the purpose of preparing the federal budget, taking into account developments in the local and global economic landscape.All necessary procedures were undertaken in line with the provisions governing the preparation and presentation of the budget, as outlined in Federal Decree-Law No. (26) of 2019 on Public Finance, its amendments, and the relevant decisions and recommendations.The committee directed that the necessary procedures be completed for preparing the draft federal budget for the year 2026, to be subsequently submitted to the Cabinet. It also reviewed the budget proposals submitted by various federal entities for the 2026 fiscal year.Additionally, the committee reviewed the financial position for fiscal year 2025, taking into account cash inflows and outflows recorded during the first half of the year, along with the projected outlook for fiscal year 2026.The projections were driven by updated revenue forecasts and expenditure estimates submitted by federal entities, reflecting sustained recovery across key economic sectors and positive national growth indicators.The committee recommended taking the necessary measures accordingly.
The committee commended the Ministry of Finance's efforts in updating the draft budget for the fiscal year 2026 and for its effective coordination with federal entities throughout the preparation process.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Al Etihad
2 hours ago
- Al Etihad
UAE President, VPs congratulate President of Peru on Independence Day
28 July 2025 09:00 ABU DHABI (WAM)UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to President Dina Boluarte of the Republic of Peru on the occasion of her country's Independence Day. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister of the UAE and Chairman of the Presidential Court, sent similar messages to President Boluarte and to Prime Minister Eduardo Melchor Arana Ysa on the occasion.


Zawya
3 hours ago
- Zawya
UAE family businesses strengthen growth, contribution to national economy
ABU DHABI:The UAE continues to adopt a forward-looking vision to enhance the regulatory and legislative frameworks governing family businesses in the country. This vision aims to foster sustainable growth, ensure long-term viability, and strengthen the sector's contribution to national economic competitiveness both regionally and globally. The Ministry of Economy and Tourism played a key role in issuing the world's first comprehensive and pioneering legislation dedicated to family businesses: Federal Decree by Law No. (37) of 2022 concerning the Family Businesses. The law aims to ensure business continuity through legal mechanisms and structured procedures, support diversification of business activities, ease generational transition, and encourage expansion into advanced sectors, particularly the new economy. The Ministry has also issued four ministerial resolutions under which a unified registry for family companies was established. This registry currently includes more than 15 registered family firms. It also governs family business charters, share buy-back mechanisms, and the issuance of multiple classes of shares. In statements to the Emirates News Agency (WAM), Abdullah bin Touq Al Marri, Minister of Economy and Tourism, emphasised that the UAE, guided by its wise leadership, has prioritised the creation of an advanced legislative environment to promote the growth and sustainability of family businesses over the coming decades. He highlighted that family businesses are a vital driver of national economic growth and a pillar of the UAE's long-term vision to build a future-ready economy. He reaffirmed the Ministry's commitment to advancing this vital sector through continued efforts and active collaboration with stakeholders. These efforts align with the 'We the UAE 2031' vision, aiming to increase the country's GDP to AED3 trillion by the next decade. Family businesses contribute approximately 60% of the UAE's GDP and employ 80% of the workforce. They also account for around 90% of private sector companies in the country. These businesses operate across a wide range of vital economic sectors, including the new economy, hospitality, retail, real estate, and construction. Family firms play a crucial role in diversifying the national economy. In Abu Dhabi alone, they represent 50% of the companies in the construction sector, 60% in financial services, 80% in wholesale and trade, and 70% in transportation. Globally, family businesses contribute around 70% of global GDP, making them responsible for more than two-thirds of global economic activity. They are also the largest employer worldwide, providing jobs to nearly 60% of the global workforce.


Al Etihad
15 hours ago
- Al Etihad
UAE's Calidus concludes successful participation at IDEF 2025 in Istanbul
27 July 2025 20:02 ISTANBUL (WAM)UAE-based Calidus Holding Group has concluded its successful participation in the 17th edition of the International Defence Industry Fair (IDEF 2025), held at the Istanbul Expo Centre from July 22 to 27, as part of the UAE National Pavilion, supervised by Tawazun Council for Defence Enablement (Tawazun).The Calidus stand witnessed strong engagement from senior officials, military leaders, and official delegations from around the world, who praised the advanced capabilities of the UAE's defence industry and commended Calidus products for their reliability, precision, and competitiveness on regional and global the exhibition, Calidus signed several agreements and memorandums of understanding, including an MoU with Türkiye's Presidency of Defence Industries (SSB) to support supply chain collaboration and industrial localisation programmes, as well as an MoU with CTech to explore joint satellite communications and data link projects for military Director and CEO of Calidus Holding Group, Dr. Khalifa Murad Al Blooshi, stated that the participation significantly boosted the company's international presence and showcased the technological innovations of the UAE's defence sector, particularly in AI-driven and next-generation defence solutions, all designed and manufactured exhibited a range of advanced solutions, including the MATV armoured combat support vehicle integrated with the Al Hedaa missile launcher, six variants of the Al Hedaa system, models of the B-250 light attack and B-250T advanced trainer aircraft, a mock-up of the CLS military vehicle production facility, and cutting-edge electro-optical and infrared company also presented its locally manufactured military chassis, built for high-load and extreme-condition performance. The company emphasised that its IDEF 2025 participation aligns with its broader vision to strengthen the UAE's role as a key player in the global defence landscape through technology localisation, strategic autonomy, and regional and international market expansion.