UAE government records revenues of $18.03bn in 2023

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The UAE’s government recorded revenues of Dhs66.2bn($18.03bn) and actual expenditures of Dhs58.2bn in 2023.

The figures were part of the consolidated financial statement published by the UAE’s finance ministry on Wednesday.

As per the financial statement, total government assets reached Dhs391.7bn in 2023, the statement added.

Additionally, the UAE‘s Federal National Council approved on Wednesday the draft federal law approving the consolidated annual report for the fiscal year ending 2023.

UAE budget allocation

The UAE government, in 2022, had announced the expenditure outlays for the 2023-2026 fiscal period.

As per a release, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the approved general budget plan of the years 2023-2026, with a total estimated expenditures estimated at Dhs252.3bn, and total estimated revenues estimated at Dhs255.7bn.

The official release stated that the UAE Cabinet had approved a budget for the year 2023, with total public expenditures presented for approval amounting to Dhs63.06 bn, and total public revenues presented for approval in the amount of Dhs63.6bn.

This was revised in 2024 with the federal budget for 2024-2026 worth Dhs192bn ($52.3bn), according to the state-run news agency, WAM.

The federal budget estimates expenditures of Dhs64.1bn in 2024, up 1.6 per cent from estimates for 2023 and forecasts total revenues of Dhs65.7bn, up 3.3 per cent over from this year.

“The federal general budget reflects the strength of the national economy and the balance of expenditures and revenues,” said Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Prime Minister, Deputy Ruler of Dubai and Minister of Finance.

In September 2023, the UAE government said the country posted a budget surplus in 2022 as revenues grew by a record 31.8 per cent and expenditures jumped by 6.1 per cent, amounting to a projected Dhs427.1bn.