Total UAE revenues rise 32% in 2022

UAE Minister of Finance Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum said that the United Arab Emirates is witnessing an increase in revenues by 31.8% in 2022, which supports achieving a total financial surplus last year.
 
The Emirates News Agency (WAM) stated that spending rose on an annual basis by 6.1% to about 427 billion dirhams ($116 billion) in 2022, and the Central Bank said that the surplus reached $46 billion in the first nine months of 2022, supported by strong growth in Oil and non-oil revenues, as well as the rise in oil prices.

Sheikh Maktoum added, "Despite the increase in revenues, the UAE maintained a cautious and rational spending policy," stressing that the surplus would allow for stronger financial margins to mitigate potential financial risks.

The United Arab Emirates is one of the most diversified economies in the Gulf region and is working to develop its non-oil sectors, focusing on areas such as trade, tourism, manufacturing, logistics and financial services.

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