Page 82 - Magazine December 2020

Local News فلاغلا عوضوم
Mohammed bin Rashid
chairs Cabinet meeting, approves Federal Budget 2021
Chaired by His Highness Sheikh Mohammed bin These remarks by His Highness Sheikh Mohammed
Rashid Al Maktoum, Vice President, Prime Minister bin Rashid came during the UAE Cabinet meeting,
of the UAE and Ruler of Dubai, the UAE Cabinet has held today at Qasr Al Watan in Abu Dhabi, in presence
approved the federal budget of AED 58 billion for the of Lt. General H.H. Sheikh Saif bin Zayed Al Nahyan,
fiscal year 2021. Deputy Prime Minister and Minister of the Interior and
His Highness Sheikh Mohammed bin Rashid has H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy
asserted that the UAE will continue to implement Prime Minister and Minister of Presidential Affairs.
major projects and focus on social development Sheikh Mohammed bin Rashid emphasised that the
sectors, despite the global economic conditions. efficiency of government spending in the UAE is
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Contractors News
among the highest in the world, «Aiming to achieve The Cabinet also reviewed a report presented by
the fastest economic recovery, the 2021 budget is the Ministry of Community Development on the
formulated to address economic changes without achievements of the Task Force established to
compromising the national development priorities, evaluate volunteering during crises.
and we look forward to more achievements in the The UAE Nation Brand
coming year.» The UAE Nation Brand was approved to serve as a
The General Budget of the Union 2021 The Cabinet visual identity with the goal to further enhance the
approved the general budget of the Union for the country’s impact and soft power across the world.
fiscal year 2021, with expenditure amounted to The Cabinet advised all government departments to
AED58.113 billion. The federal budget continues to use the brand logo in marketing and advertisements
focus on both social and economic development. to share the story of the UAE across all fields with
The budget aims to expand development plans and the world.
projects to raise living standards and provide a decent The UAE Government Media Office is the official entity
life for Emiratis and residents. A large share of the responsible for the coordination with all partners to
2021 budget will be allocated to social development ensure the optimal use of Nation Brand in such a
including social welfare, health and education. way that reflects all aspects of the UAE development
Emirates Investment Authority march.
The Cabinet reviewed a report on the key milestones
achieved by the Emirates Investment Authority, EIA, International cooperation
since its inception in 2007. The report highlighted A total of seven international agreements have
the current assets managed by the EIA and the future been ratified by the Cabinet; including and
plans to support governments priorities. agreement between the UAE and Israel regarding
Restructuring the Emirates Youth Council visa-free entry agreement for citizens of both
The Cabinet approved the restructuring of the countries. Two other agreements were between
Emirates Youth Council headed by Minister of the UAE and the Republic of Sierra Leone regarding
State for Youth, Shamma bint Suhail bin Faris Al the encouragement and mutual protection of
Mazrouei. Furthermore, the Council is entrusted with investments, the avoidance of double taxation
new responsibilities that aim to accelerate youth and the prevention of tax evasion imposed on
empowerment in all sectors. income and capital. Two agreements were signed
The Cabinet approved the final account of the with Burkina Faso and the Republic of Ghana
Emirates Real Estate Corporation, EREC, for the regarding the avoidance of double taxation and
fiscal year 2019, where the EREC achieved an overall the prevention of tax evasion imposed on income.
growth in revenues by 23 percent compared to the Two agreements were signed with Guatemala and
previous year. Rwanda regarding air transport services.
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