A surplus public budget for the next 3 years by UAE Cabinet

The UAE Cabinet has approved a surplus public budget for the next three years.

The budget for the year 2023-2026 was approved in a cabinet meeting held on Monday under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.

The net cost is 252.3 billion dirhams. The revenue was estimated at 255.7 billion dirhams in the budget. As a result, there will be a surplus of 3.4 billion dirhams.

The UAE estimates revenue growth to reach 11 percent in FY2023. The growth rate of expenditure is 3.9 percent.

Social development and benefits represent the largest proportion of the 2023 budget at 39.3 percent, followed by government affairs at 38 percent. The balance of the budget was allocated to infrastructure and financial resources (3.8 percent),  Financial assets, and investments (3.4 percent). Other federal expenses are 15.5 percent.

"Union budget is stable and balanced," Sheikh Mohammed tweeted at the end of the meeting. "It is a key driver of the government's development ambitions and plans."

A zero deficit budget of Dh63.06 billion has been earmarked for FY2023. The total revenue is 63.613 billion dirhams