National Council Approves Consolidated Financial Statement for 2024
Federal Council endorses the unified financial accounts along with new strategies for employment and social support.
The Federal National Council, chaired by Saqr Ghobash, convened on its 11th session of the second ordinary session of the 18th legislative term to approve a federal law regarding the adoption of the unified financial statement for the Federation for the fiscal year ending December 31, 2024.
During the session, Mohammed bin Hadi Al-Hussaini, Minister of State for Financial Affairs, presented the key highlights of the financial performance for the Federation in 2024. He noted that the results reflect the efficiency and flexibility of the government’s fiscal policies while the country continues to bolster its competitiveness and economic growth.
The UAE ranked first globally in 223 international development indicators and positioned itself among the top five in 444 global indicators related to business environment, infrastructure, digital economy, investment, and innovation, reaffirming the UAE’s leading status in the global economic landscape.
The unified financial statement for the federal government in 2024 indicates total revenues of 74.5 billion dirhams, against actual expenditures of 63.7 billion dirhams across all sectors.
The total assets of the government reached 446.4 billion dirhams.
According to the law, actual expenditure for salaries and wages amounted to 24 billion dirhams, with the recruitment of 3,971 new employees, including 2,214 UAE nationals.
In terms of social welfare and benefits, approximately 10.6 billion dirhams were allocated to support social categories like the elderly, orphans, and low-income families.
The total number of families benefiting from social support reached 57,000.
Additionally, 3,052 Emiratis were facilitated to begin their marital lives, and collective weddings were organized with over 400 participants.
Over 100 individuals with determination were employed, and the number of beneficiaries at centers for individuals with determination increased to 1,071 students.
For infrastructure and federal roads, more than 1.6 billion dirhams were spent on the construction, development, maintenance, and lighting of roads, government buildings, schools, and hospitals.
More than 7 billion dirhams were allocated for enhancing outpatient clinic services, updating medical equipment, and upgrading government hospitals.
In education, 9.5 billion dirhams were directed towards supporting primary, secondary, and higher education, alongside updating curricula and schools to serve as model facilities in the region, with a strong emphasis on education as a crucial pillar for future generations.
The actual expenditures of 63.7 billion dirhams were distributed across key sectors reflecting the state’s priorities.
Furthermore, Minister Mohammed bin Hadi Al-Hussaini announced the adoption of a new Emiratization strategy for the insurance sector for 2027-2030, targeting Emiratization rates between 50% and 60% depending on company size.
The strategy mandates the recruitment of at least one Emirati per year in companies with 2 to 19 employees.
The strategy aims for a 30% Emiratization rate in companies with 20 or more employees, 45% in vital jobs, and 30% in direct leadership positions such as CEOs or general managers.
The Central Bank of the UAE regulates the pricing of insurance policies through a unified document for vehicle insurance, which sets minimum and maximum price limits, standardizes coverage, and oversees pricing practices for transparency and prevention of exploitation.
Notably, companies can apply discounts up to 25% from the minimum prices for electric and natural gas vehicles, considering their accident records.
Challenges have been identified in the pricing of insurance for electric vehicles, notably high repair costs, scarcity of spare parts, limited service centers, and increased claims related to accidents.
Additionally, the global supply chain delays impact maintenance speed and costs.
As of June 1, the number of Emiratis employed in the insurance sector stood at approximately 2,159 out of 9,773 employees, equating to 22.09%, an increase from 13.34% in 2022 and 21.64% in 2024.
The National Emiratization Strategy for the period from 2022 to 2026 aims to raise the Emiratization rate to 30% by 2026, with an annual increase of approximately 3%.
In a separate report, Sohail bin Mohammed Al-Mazrouei, Minister of Energy and Infrastructure, addressed parliamentary inquiries regarding truck movements on Sheikh Mohammed bin Zayed Road, stating that challenges were identified at the exit point for trucks in Umm Al-Quwain Emirate.
Collaborative efforts with the Ministry of Interior have led to the adoption of a traffic solution involving the implementation of a 'yellow box' to regulate traffic flow in the area.
Shama bint Suhail Al-Mazrouei, Minister of Community Development, confirmed that the social support program targets all Emirati families with a monthly income below the approved minimum living standard.
In response to queries regarding support for retirees before 2008, she detailed measures to address this gap and enhance their living standards.
Financial allocations for heads of families over 60 years have been raised from 5,000 to 13,000 dirhams to foster financial stability and provide a minimum standard of living.
This tiered structure begins at 5,000 dirhams, increasing by 2,000 dirhams every ten years of work to a ceiling of 13,000 dirhams for heads of families, along with an additional 3,500 dirhams for Emirati wives and child allowances.
Abdulrahman Al-Awar, Minister of Human Resources and Emiratisation and Acting Minister of Higher Education and Scientific Research, addressed the decision to not recognize qualifications from students studying at their own expense at universities outside of the top 100 globally.
He stated that this measure aims to protect citizens and combat any practices that may jeopardize their future.
Statistics indicate that approximately 3,000 Emirati students are studying abroad at their own expense, with a significant proportion attending just two universities, which have attracted students for commercial objectives without ensuring adequate educational and investment return.
He highlighted that over 2,600 Emirati students are enrolled in prestigious universities through federal and local sponsorships to develop the Emirati talent pool for future market demands.
During the session, Mohammed bin Hadi Al-Hussaini, Minister of State for Financial Affairs, presented the key highlights of the financial performance for the Federation in 2024. He noted that the results reflect the efficiency and flexibility of the government’s fiscal policies while the country continues to bolster its competitiveness and economic growth.
The UAE ranked first globally in 223 international development indicators and positioned itself among the top five in 444 global indicators related to business environment, infrastructure, digital economy, investment, and innovation, reaffirming the UAE’s leading status in the global economic landscape.
The unified financial statement for the federal government in 2024 indicates total revenues of 74.5 billion dirhams, against actual expenditures of 63.7 billion dirhams across all sectors.
The total assets of the government reached 446.4 billion dirhams.
According to the law, actual expenditure for salaries and wages amounted to 24 billion dirhams, with the recruitment of 3,971 new employees, including 2,214 UAE nationals.
In terms of social welfare and benefits, approximately 10.6 billion dirhams were allocated to support social categories like the elderly, orphans, and low-income families.
The total number of families benefiting from social support reached 57,000.
Additionally, 3,052 Emiratis were facilitated to begin their marital lives, and collective weddings were organized with over 400 participants.
Over 100 individuals with determination were employed, and the number of beneficiaries at centers for individuals with determination increased to 1,071 students.
For infrastructure and federal roads, more than 1.6 billion dirhams were spent on the construction, development, maintenance, and lighting of roads, government buildings, schools, and hospitals.
More than 7 billion dirhams were allocated for enhancing outpatient clinic services, updating medical equipment, and upgrading government hospitals.
In education, 9.5 billion dirhams were directed towards supporting primary, secondary, and higher education, alongside updating curricula and schools to serve as model facilities in the region, with a strong emphasis on education as a crucial pillar for future generations.
The actual expenditures of 63.7 billion dirhams were distributed across key sectors reflecting the state’s priorities.
Furthermore, Minister Mohammed bin Hadi Al-Hussaini announced the adoption of a new Emiratization strategy for the insurance sector for 2027-2030, targeting Emiratization rates between 50% and 60% depending on company size.
The strategy mandates the recruitment of at least one Emirati per year in companies with 2 to 19 employees.
The strategy aims for a 30% Emiratization rate in companies with 20 or more employees, 45% in vital jobs, and 30% in direct leadership positions such as CEOs or general managers.
The Central Bank of the UAE regulates the pricing of insurance policies through a unified document for vehicle insurance, which sets minimum and maximum price limits, standardizes coverage, and oversees pricing practices for transparency and prevention of exploitation.
Notably, companies can apply discounts up to 25% from the minimum prices for electric and natural gas vehicles, considering their accident records.
Challenges have been identified in the pricing of insurance for electric vehicles, notably high repair costs, scarcity of spare parts, limited service centers, and increased claims related to accidents.
Additionally, the global supply chain delays impact maintenance speed and costs.
As of June 1, the number of Emiratis employed in the insurance sector stood at approximately 2,159 out of 9,773 employees, equating to 22.09%, an increase from 13.34% in 2022 and 21.64% in 2024.
The National Emiratization Strategy for the period from 2022 to 2026 aims to raise the Emiratization rate to 30% by 2026, with an annual increase of approximately 3%.
In a separate report, Sohail bin Mohammed Al-Mazrouei, Minister of Energy and Infrastructure, addressed parliamentary inquiries regarding truck movements on Sheikh Mohammed bin Zayed Road, stating that challenges were identified at the exit point for trucks in Umm Al-Quwain Emirate.
Collaborative efforts with the Ministry of Interior have led to the adoption of a traffic solution involving the implementation of a 'yellow box' to regulate traffic flow in the area.
Shama bint Suhail Al-Mazrouei, Minister of Community Development, confirmed that the social support program targets all Emirati families with a monthly income below the approved minimum living standard.
In response to queries regarding support for retirees before 2008, she detailed measures to address this gap and enhance their living standards.
Financial allocations for heads of families over 60 years have been raised from 5,000 to 13,000 dirhams to foster financial stability and provide a minimum standard of living.
This tiered structure begins at 5,000 dirhams, increasing by 2,000 dirhams every ten years of work to a ceiling of 13,000 dirhams for heads of families, along with an additional 3,500 dirhams for Emirati wives and child allowances.
Abdulrahman Al-Awar, Minister of Human Resources and Emiratisation and Acting Minister of Higher Education and Scientific Research, addressed the decision to not recognize qualifications from students studying at their own expense at universities outside of the top 100 globally.
He stated that this measure aims to protect citizens and combat any practices that may jeopardize their future.
Statistics indicate that approximately 3,000 Emirati students are studying abroad at their own expense, with a significant proportion attending just two universities, which have attracted students for commercial objectives without ensuring adequate educational and investment return.
He highlighted that over 2,600 Emirati students are enrolled in prestigious universities through federal and local sponsorships to develop the Emirati talent pool for future market demands.