A local newspaper has said that over the next four years, the UAE government has set a general federal budget of AED201 billion, with the bulk of the funds earmarked to expand services in education, welfare, human capital and improving and maintaining the quality of life and happiness of people across the nation.

"The budget was formally approved at a Cabinet meeting at the Sharjah International Book Fair, and a AED51 billion federal budget for 2018 was also approved," said Gulf News in an editorial on Thursday.

The paper quoted His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, as saying, "We will give top priority to the happiness and welfare of our people, and we will work on the budgets and plans for the best interests of the country, its future and human capital."

Indeed, the allocation for social spending is significant, with 43 percent of the funds for 2018 earmarked for health care, education and the development of society, with AED26.3 billion going towards social development and welfare programmes, ensuring that the care for UAE citizens continues at the highest possible level.

The UAE is also committed to ensuring its youth receive the best possible educational opportunities to ensure the nation can continue to embrace growth and the challenges of the future. Public and higher education spending will constitute 17.1 percent of the federal budget next year, with AED10.4 billion set aside to ensure this happens.

The Dubai-based concluded by saying, "The federal budget is clear and transparent and ensures that the UAE can continue to prosper. This detailed and decisive planning will help ensure that this nation is on a safe fiscal path, its future development is secure, and its resources are used appropriately for the benefit of all."