Thanks to the increasing oil prices, UAE’s consolidated financial accounts, which cover the federal budget and expenditure by each emirate, recorded a much more improved picture compared to the past. Total revenues went up by 22.6 per cent to AED94.4bn in 2004. Oil revenues, which form 78 per cent of the total revenues, were the main factor, rising by 29.2 per cent to AED73.3bn.
However, after growing at a robust rate last year, non-oil revenue growth decelerated to 4 per cent in 2004.
