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The UAE government revenues grew at a staggering 31.8 per cent last year, supported by high oil prices as well as strong growth in the economy.
While taking to X (formerly Twitter), Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE, said the country recorded 6.1 per cent growth in expenditure, which amounted to approximately Dh427.12 billion.
“We remain steadfast in fulfilling the directives of our visionary leadership by implementing innovative fiscal policies and executing transformative projects that create stronger fiscal buffers to mitigate the impact of global financial fluctuations,” Sheikh Maktoum said.
The UAE economy grew 7.9 per cent in 2022 with almost all the sectors expanding at a strong pace. In addition, the high oil prices also boosted government revenues as crude prices spiked after the Russian-Ukraine conflict.
Sheikh Maktoum added that 2022 witnessed a 94.5 per cent growth in non-financial asset acquisition, a testament to the UAE’s push towards revenue diversification.
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