The UAE plans to increase 2022 federal budget by $334.9m

The UAE federal government, seated in Abu Dhabi, plans to boost its 2022 federal budget spending by an additional Dh1.23 billion ($334.9 million), the Federal National Council said on Tuesday.

The increased spending will come from the federal government's general reserves, the FNC said on Twitter.

It said the UAE's revenue this year was estimated to increase by about Dh374.9m.

In October last year, Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, approved the UAE budget for 2022 with total expenditure of Dh58.93bn.

The largest share of the budget was allocated to the development and social benefits sector at 41.2 per cent, including 16.3 per cent for education, 6 per cent for social development, 8.4 per cent for health, 8.2 per cent for pensions and 2.6 per cent for other services.

About 3.8 per cent of the budget was allocated to the infrastructure and financial resources sector.

The country also announced a five-year federal budget last year with a total spend of Dh290bn until 2026.

Sheikh Mohammed said at the time that the UAE was sending a message that the country was primed for further success.

“We enter the new federal 50th with confidence, optimism and global aspirations," he said.

~ Excerpt from The National