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ABU DHABI / WAM
In an indication reflecting the successful cost optimisation policy adopted by the United Arab Emirates, the UAE Federal Budget surplus rose during the first nine months of 2016 by 130 percent to AED8 billion from AED3.48 billion in the same period in 2015.
Analysis indicated that the total revenues of the federal government reached AED37.463 billion for the first nine months of 2016, with expenditures hitting AED29.717 billion, over the same period. The positive deliverables depict the successful economic policy followed after a zero-based budgeting system has been adopted recently.
The revenues rose by around seven percent to AED37.463 billion during the period from January to September 2016 compared to AED 35.04 billion over the same period in 2015. Expenditures fell from AED31.6 billion to AED29.717 billion by end of September 2016.
In more details, the analysis mentioned that the federal government’s revenues collected from service charges reached AED9.93 billion during the first nine months of 2016. This accounts for 75.1 percent of 2016’s total revenue, estimated at AED13.21 billion, according to latest statistics released by the Ministry of Finance.
The revenues generated from 2016 service charges until September are almost equal to those achieved over the same period in 2015.
The federal government’s revenue levied through the e-Dirham system reached AED5.16 billion, which equals 52 percent of the government’s total service charges, 16 percent of which were collected manually and 32 percent automatically, with the manual collection of charges at federal departments reaching 15.55 percent.
The Ministry of Interior and the Ministry of Human Resources and Emiratisation account for the largest share of the service charge revenue collected during the first nine months of 2016, with the first representing 43 percent and the second accounting for 36 percent, according to the statistics.
The 2016 federal budget has estimated the revenues of UAE ministries at AED48.557 and expenditures at AED 48.567 after adopting the zero-based budgeting system.
Emirates increases
expenditure in 2017
DUBAI / WAM
The UAE is expected to increase expenditure, primarily in areas of infrastructure and developmental enterprises, which will reflect positively on the government’s revenues, according to a report released by an international consultancy recently. In a report, Knight Frank, a leading independent real estate consultancy, expected the UAE business outlook in 2017 to be positive.
Citing the current preparations going at full tilt for EXPO 2020 Dubai, the report said the current real estate and tourism investments are expected to further consolidate and propel the economy to further new heights.