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Wednesday, October 30, 2019

Khaleej Times – Budget: Education gets front bench in UAE

by Century Financial in Century in News

Khaleej Times – Budget: Education gets front...

Education Support Fund set up in UAE’s Dh61.4b zero-deficit budget that focuses on social welfare.

The UAE Cabinet on Tuesday approved a Dh61.35 billion federal budget for 2020 and established an Education Support Fund to encourage partnerships with the private sector.

The fund will ensure the sustainability of educational development programmes which will be managed by federal authorities and ministries.

The zero-deficit budget, as expected, heavily focuses on the well-being of the citizen with a large chunk of spending allocated for the social development, education and healthcare of UAE nationals.

The government allocated Dh10.4 billion for education for 2020 compared to Dh10.25 billion in 2019. Similarly, the budget for healthcare was raised from Dh4.4 billion to Dh4.9 billion.

“One-third of the budget is allocated for social development, one-third for government affairs and the rest for infrastructure and economic developments. The year 2020 will be the beginning of a new development decade,” His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said in a tweet after a Cabinet meeting in Abu Dhabi.

“The federal budget is balanced and reflects our national priorities and is managed efficiently,” Sheikh Mohammed said.

Arun Leslie John, the chief market analyst at Century Financial, said the budget of 2020 focuses on those projects which can transform the UAE economy and improve its competitiveness further in the coming years.

Source – Khaleej Times.

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