Implementation of UAE's federal budget starts on time
Implementation of UAE's federal budget for the fiscal year 2007 started Monday with the beginning of the new year. According to WAM, the federal budget for 2007 amounted to Dh 28.4 billion and maintained a zero deficit for the third running year.
Dr Mohammed Khalfan bin Kharbash, UAE's Minister of State for Financial and Industrial Affairs said that an increase in revenues came as a result of hike in investment returns, hitting Dh 3.6 billion and in the hike in ministries' services returns, reaching Dh 9.2 billion.
The 2007 budget focuses mainly on education which makes up Dh 7.1 billion or 33 percent of the total budget. It is followed by security and justice, capturing 15.7 percent at Dh 3.3 billion. Dh 1.5 billion has been directed to health, representing 7.1 percent, while almost similar amounts are directed to social affairs, infrastructure (Dh 1.497 billion) and projects (Dh 1.1 billion or 5.2 percent).