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UAE President increases 2018 budget by $536m

UAE President increases 2018 budget by $536m

The UAE Cabinet said in November that it projected spending at Dhs51.4bn ($14bn)

UAE President Sheikh Khalifa bin Zayed Al Nahyan has approved a Dhs1.969bn ($536m) increase to the country’s budget for 2018, state news agency WAM reported on Sunday.

“The Decree Law, which was published in the latest issue of the Federal Gazette, stipulates that the budget estimates of the Union for fiscal year 2018 should be increased by one billion and 969 million and budget estimates of the Union for fiscal year 2018 should be increased by one billion and 969 million,” said WAM.

The budget of the Office of the Minister of Tolerance was estimated at Dhs21m, Emirates Space Agency Dhs3.5m, National Media Council Dhs3.917m, General Authority for Sport Dhs6.822m and UAE Diplomacy Academy Dhs9.970m.

The UAE Cabinet approved projected spending for 2018 of Dhs51.4bn ($14bn) in November, a rise of 5.4 per cent on projected spending for 2017.

Read: UAE cabinet approves federal budget for 2018

The UAE, which has the world’s seventh largest proven crude reserves, has benefitted from rising oil prices this year, with Brent crude up 40.75 per cent over the last 12 months to just over $78.

Read: Brent reaches $80 a barrel after fall in US oil stocks

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