The UAE government’s revenues for the first quarter of 2023 amounted to AED115.6 billion ($31.47 billion) and its expenditures totalled AED92.5 billion ($25.18 billion), according to the preliminary results published by the Ministry of Finance.

 

Total revenues included AED63.5 billion ($17.29 billion) of tax revenues, AED3.9 billion of revenues from social contributions, and AED48.2 billion of other revenues from property income, sales of goods and services, fines and penalties, and transfers not elsewhere classified.

 

The total expenditures of AED92.5 billion consisted of net investment in non-financial assets and current expenses, including employees’ wages, use of goods and services, consumption of fixed capital, paid interest, subsidies, grants, social benefits, and other transfers.

 

The results of financial transactions during the first quarter of 2023 shows the value of net lending/net borrowing amounted to AED23.2 billion. The net lending/net borrowing value is a summary measure of a governments’ ability to lend or their need to borrow, and an indicator of the financial impact of government activity on other sectors of the economy, the statement said.

 

Younis Haji Al Khouri, Undersecretary of Ministry of Finance, said: “These results reflect the efficiency of government expenditure and effective utilization of financial resources in directing them to priority strategic sectors. It also showcases the advancement of the government’s financial framework and its success in developing new and diversified sources of government revenue away from oil, and adopting effective financial policies to manage and develop the government’s financial resources.”

 

He added: “The government’s financial performance enhances the UAE’s competitiveness and its move towards sustainable socio-economic development. The World Bank projects that the UAE’s non-oil sector is expected to achieve strong growth by the end of 2023, driven by robust domestic demand, particularly in tourism, real estate, construction, transportation, and manufacturing sectors.”  -TradeArabia News Service