The Government of UAE is all set to get a surplus general federal budget in the upcoming three years which is the cycle of 2023-26. In the budget announced by the UAE Government, it has come to the notice that the country will be having an estimated revenue of about Dh255.7 billion and this will be done after the expenditure comes out as Dh252.3 billion and thus will result in a surplus of around Dh3.4 billion in the upcoming three years.
For the year 2023, the Government of UAE has announced that a total of Dh63.06 billion, which will be a zero-deficit budget will be allocated and hence the revenue generated from it will be around Dh63.613 billion.
These all figures have come into the discussion after the Vice President and Prime Minister of UAE along with the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum was present in a meeting conducted on Monday.
Currently, UAE is looking to get itself in a position where it will be having a chance to go up in terms of revenue.
How Has The UAE Been Expecting This Much Growth?
UAE has been a country that is known for trying new ventures and hence creating new opportunities for the citizens presents there.
Currently, UAE has been eyeing a growth of around 11 percent in the fiscal year of 2023 and moreover, it is expected that the growth rate will be around 3.9 percent in the terms of expenditures.
Considering the growth, the expenditure value isn’t much and hence the Government of UAE will be looking to have a close eye on the profits.
In the Budget presented by the UAE Government, it has come to their knowledge that Social Development and other benefits will have a large amount of focus as they will be contributing around 39.3 percent of the total 2023 budget.
Apart from these, Government Affairs will also have a 38 percent contribution to the budget and hence these affairs will be taken seriously once the budget comes into play. Apart from all these things, the rest of the budget will be allocated to the sectors like economic resources combined with infrastructure.
Along with it, the sectors like investments and other financial assets will be having a small contribution of just 3.4 percent.
The 15.5 percent of the 2023 budget will be allocated to the federal expenses that will be happening regarding the things that come under the Government.
With all this already published in the budget, UAE will be looking to see how much revenue they will be generating by the end of the next year, and hence their three-year plan will be depending on this budget. On the official
Twitter account of Sheikh Mohammed, it was tweeted that the Budget made by the Government is sustainable and hence will act as a boon in the long run for the citizens.
Moreover, he stated that the Government has been looking to get their proper plans into action so that the citizens can get all the facilities that they have been looking for in the country.
Now, the Government of UAE will have to make sure that the citizens get all the proper things in the upcoming years. The three-year budget has been made in order to generate higher revenue and hence the Government has been working for the betterment of the country.
The plans and other things done by the Government in the budget will appear in front of the citizens in just the next year, and hence they can judge whether the general federal budget was a success or a failure.