2016 federal budget of AED48.5 billion announced

A federal budget of AED48.5 billion has been approved for 2016. According to national news agency WAM, the approval was made by the Cabinet, in a meeting chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The Minister of Economy of the UAE, Sultan bin Saeed Al Mansouri, said it demonstrates a determination to carry out ambitious projects across vital sectors, including healthcare, infrastructure and the environment. He also added that the budget shows that low global oil prices have had a limited impact on the government’s plans, with non-oil sectors contributing around 69% of GDP.