logo
Ministry of Finance launches 2027–2029 budget cycle

Ministry of Finance launches 2027–2029 budget cycle

Dubai Eye15 hours ago
The UAE Ministry of Finance has launched the federal general budget cycle for the 2027-2029 period, marking a new phase in strengthening the country's financial system.
It focuses on key sectors like education, healthcare and social welfare, with the aim of improving service quality and supporting long-term national goals, including the UAE Centennial 2071.
The new budget is designed to boost fiscal sustainability and has a strong focus on empowering federal entities to deliver top-tier services.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, says the budget reflects a proactive and flexible approach to financial planning.
The Ministry highlighted the success of the past four budget cycles, which saw nearly AED 900 billion allocated in line with national priorities.
Public debt levels remain stable at just over AED 62 billion as of June 2025, while federal assets have grown to more than AED 464 billion by the end of 2024, reflecting the strength of the UAE's financial position.
Ministry of Finance launches the federal general budget cycle for the 2027–2029 period, marking a new step in the continuous development of the government's financial system. The move aims to enhance fiscal sustainability and aligns with the wise leadership's vision for a more… pic.twitter.com/DmuhxeWMSg
— Dubai Media Office (@DXBMediaOffice) July 16, 2025
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Abu Dhabi Early Childhood Authority reveals recipients of Parent-Friendly Label in its 3rd cycle
Abu Dhabi Early Childhood Authority reveals recipients of Parent-Friendly Label in its 3rd cycle

Al Etihad

time20 minutes ago

  • Al Etihad

Abu Dhabi Early Childhood Authority reveals recipients of Parent-Friendly Label in its 3rd cycle

17 July 2025 11:08 ABU DHABI (ALETIHAD)Abu Dhabi Early Childhood Authority has revealed the recipients of the Parent-Friendly Label (PFL) in its 3rd cycle. The programme recognises the efforts of semi-government, private and third sector organisations across the UAE in promoting a workplace culture that supports family cohesion. His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Development and Fallen Heroes' Affairs and Chairman of the Abu Dhabi Early Childhood Authority emphasised that the Parent-Friendly Label programme reflects the UAE's unwavering commitment to supporting and empowering families as a cornerstone for building a stable and thriving community. His Highness also noted that the PFL programme is guided by the vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, towards instilling an organisational culture that values the role of parents, providing them with a flexible and supportive work environment in order to nurture capable and confident His Highness stressed that the PFL programme activates partnerships with various sectors to enable work environments that support family cohesion and social wellbeing, in-line with the UAE's voluntary workplace programme awarded the label to 12 local and international organisations operating in the the 12 organisations that earned the PFL, HSBC, Ethara and TAQA Transmission earned the PFL+ classification for meeting or exceeding global standards in parent-friendly policies and nine organisations earned the PFL classification for exceeding local leading parent-friendly policies and practices. The nine organisations are ADNOC, Cleveland Clinic Abu Dhabi, Miral, DP World, The Developing Child Centre, Procter & Gamble, Strategy& Middle East, Kraft Heinz, and 3 recorded a 28% increase in the number of employees benefiting from parent-friendly practices compared to the previous cycle. Ethara (previously Abu Dhabi Motorsports Management) and HSBC – who earned the Label in Cycle 1, continued to improve their policies and in Cycle 3 and earned the PFL+. This highlights the dynamic journey of continuous improvement to support the needs of parent employees and ultimately realise a far-reaching impact on workplace culture and community. In this cycle, the PFL programme has impacted the lives of 163,000 employees. Of these 105,000 working parents will now benefit from parent-friendly workplace culture and policies in the UAE, a 57% increase in comparison to the previous cycle. With that, the number of working parents with children aged 0-8 has also increased by 25% with 60,000 new benefiting parents. This cycle has also seen a 51% increase in the number of parents of children of determination, with the impact of parent-friendly practices now reaching to 2,250 new and improved parent-friendly practices now influencing earner organisations' practices across their international offices, the PFL programme's positive impact will go beyond the UAE workplace cultures to reach to more than 1 million employees across the world. Working parents across local and international offices of these organisations will now benefit from additional parental support and a work culture that understands their its launch in 2021 by the Abu Dhabi Early Childhood Authority, the Parent-Friendly Label programme has championed a nationwide shift towards parent-friendly practices in the workplace by recognising organisations for their commitment to building a supportive work culture and 3 of the programme saw applications from 83 organisations, including world-leading multinational companies operating in the UAE. This reflects the increasing recognition of the benefits of creating parent-friendly workplaces. Notably, the third cycle has seen a significant increase in participation from the professional services and education applications were assessed across 19 criteria under five key categories: Parental Leave, Flexible Work, Family Care, Family Well-being, and Organisational Culture. An independent judging panel made up of senior officials from every emirate reviewed the applications anonymously to ensure the highest levels of impartial and transparent assessment.

ICIEC and Al Baraka Islamic Bank BSC Bahrain sign documentary credit insurance policy
ICIEC and Al Baraka Islamic Bank BSC Bahrain sign documentary credit insurance policy

Zawya

timean hour ago

  • Zawya

ICIEC and Al Baraka Islamic Bank BSC Bahrain sign documentary credit insurance policy

Jeddah – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, and Al Baraka Islamic Bank BSC Bahrain signed a Documentary Credit Insurance Policy (DCIP). The policy aims to strengthen support for Shariah-compliant trade finance, enabling greater security and confidence in the international trade ecosystem. The agreement was signed by Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, and Dr. Adel Salem, Chief Executive Officer of Al Baraka Islamic Bank BSC Bahrain, in a joint effort to enhance the capacity of Islamic financial institutions to manage trade-related risks more effectively. Under this partnership, ICIEC will provide insurance coverage for the confirmation of Letters of Credit (LCs) issued by Al Baraka Islamic Bank in connection with the import and export of eligible Shariah-compliant goods and services. This solution will help mitigate payment risks associated with cross-border trade while promoting sustainable growth in ICIEC's member states. Dr. Khalid Khalafalla, CEO of ICIEC, stated: ' This strategic collaboration with Al Baraka Islamic Bank reflects ICIEC's unwavering commitment to advancing intra-OIC trade and investment. By supporting Shariah-compliant trade finance through our Documentary Credit Insurance Policy, we are facilitating secure trade flows while empowering Islamic banks to broaden their offerings to clients. This partnership demonstrates the power of multilateral cooperation in achieving shared development goals.' For his part, Dr. Adel Salem, CEO of Al Baraka Islamic Bank BSC Bahrain, stated: ' We are delighted to partner with ICIEC on this pioneering Credit Insurance Policy, which empowers us to extend Shariah‑compliant trade finance to our clients, bolster Bahrain's role as a regional hub for Islamic banking, and stimulate sustainable economic growth across member states worldwide. This collaboration underscores our unwavering commitment to innovation and robust risk management, giving the businesses we serve greater confidence to expand in global markets.' The DCIP serves as a vital tool for Islamic banks, enhancing their ability to expand trade finance operations with reduced exposure to commercial and political risks. The policy also complements ICIEC's broader mandate to promote economic resilience, financial inclusion, and private sector development in member countries. Both institutions reaffirmed their shared dedication to expanding the reach of Islamic finance, strengthening risk mitigation tools, and contributing to inclusive and sustainable economic development. About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): As a member of 'AAA' rated Islamic Development Bank (IsDB), ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, S&P has reaffirmed ICIEC 'AA-' long-term Issuer Credit and Financial Strength Rating for the second year with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, global reinsurance network, and strong risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors - energy, manufacturing, infrastructure, healthcare, and agriculture. About Al Baraka Islamic Bank BSC Al Baraka Islamic Bank (AIB) is one of leading financial institutions in the Islamic banking sector within Bahrain. Throughout its history of more than four decades (since its establishment in 1984), the Bank has played a prominent role in building the infrastructure of the Islamic finance industry. The Bank also played a significant role in promoting the Islamic finance industry and publicizing its merits. AIB offers innovative financial products, including investments, international trading, management of short-term liquidity and consumer financing, all of which are all based on Islamic financing modes. Such financing includes Murabaha, Wakala, Istisna, Musharaka, Mudarabah, Salam, and Ijara Muntahia Bittamleek. Media Contacts: ICIEC: Email: ICIEC-Communication@ Website: Follow us on: X | Facebook | LinkedIn | YouTube | Instagram Al Baraka Islamic Bank BSC: Email: marketing@ Website:

Kuwait sees licensing growth in traditional and freelance business sectors
Kuwait sees licensing growth in traditional and freelance business sectors

Zawya

timean hour ago

  • Zawya

Kuwait sees licensing growth in traditional and freelance business sectors

KUWAIT CITY - The Ministry of Commerce and Industry issued 9,881 new company licenses through its Single Window Administration in the first quarter of 2025, marking a 9.4% year-on-year increase from 9,029 licenses during the same period in 2024. The growth of 852 new licenses reflects the Ministry's continued efforts to streamline business registration and reduce bureaucratic hurdles. A total of 5,940 companies were established during the quarter. This surge is attributed to a series of administrative reforms implemented by the Ministry aimed at simplifying licensing procedures, minimizing regulatory steps, and eliminating redundancies in the process of setting up and managing businesses. According to official data, commercial licensing activity saw a significant boost across multiple categories. Company licenses rose 21.3% to 8,390 from 6,919 in Q1 2024, while applications under processing increased to 514. In the segment of personal company formation, the Ministry received 14,000 applications. Of these, 8,287 were rejected, 705 were approved, 641 were canceled, and 4,526 companies were successfully established. An additional 705 are in the process of being established. Conversely, licensing activity for special-purpose companies recorded a sharp decline. Only 38 licenses were issued in the first quarter of 2025—a 97% drop compared to 1,660 licenses issued in the same quarter last year. Despite the decline, the Ministry processed 56 applications, resulting in the establishment of nine companies, with six licenses currently in issuance. Freelance Sector Sees Major Expansion The freelance and micro-enterprise segment experienced robust growth, fueled by regulatory changes introduced in August 2024. The Ministry reported a 227.25% surge in new licenses for micro and freelance enterprises, rising to 1,453 from 1,000 in Q1 2024. Currently, 42 licenses are in the process of being issued. Of the 1,649 freelance business license applications submitted, 1,449 were rejected, 705 were approved, and 1,405 companies were established. A further 114 are in the process of formation. This growth reflects the Ministry's move to support independent professionals and small-scale entrepreneurs through simplified licensing for 175 defined activities that do not require commercial premises. Licenses in this category, valid for four years, can be obtained via the Single Window Administration, the "Sahel" or "Sahel Business" mobile platforms, or other approved channels. The Ministry also mandated that all freelance license holders clearly display their license number on their business accounts across electronic and social platforms, and conduct all transactions exclusively through electronic payment methods.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store