UAE budget hits $11.4 billion
The United Arab Emirates has announced a 2012 federal budget showing a small deficit, increased revenues and only minor adjustments in expenditures.
Spending levels are projected at $11.4 billion, while revenue is estimated at $11.3 billion, leaving a deficit of just over $100 million, according to the official WAM news agency.
Spending for the current year was estimated at $11.1 billion and income at $10.3 billion.
UAE vice president and Prime Minister, Sheikh Mohammad bin Rashed al-Maktoum, said half the budget has been allocated for expenditures on health, education and social services.
The budget does not include large oil revenues and is focused on administrative spending, public services, and wages for federal employees. The given figures represent 11% of the overall budget.
The UAE’s Finance ministry said that oil revenues are not directly included in this budget. It added that the Abu Dhabi emirate contributed about one third of the given revenues while the other two thirds (70%) come from revenues of state-owned companies and other taxes. The UAE is a federation of seven emirates — Abu Dhabi, Dubai, Sharjah, Ajman, Ras al-Khaimah, Umm al-Qaiwain and Fujairah. (www.yallafinance.com)
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