UAE Government Achieves $18.03 Billion Revenue in 2023

UAE Government Achieves $18.03 Billion Revenue in 2023

The UAE government reported revenues of AED 66.2 billion ($18.03 billion) for 2023, reflecting robust economic performance. According to the consolidated financial statement released by the Ministry of Finance, the UAE’s expenditures for the same period totaled AED 58.2 billion, highlighting a strong fiscal balance.

Key Financial Highlights

  • Total Revenues: AED 66.2 billion ($18.03 billion)
  • Total Expenditures: AED 58.2 billion
  • Total Government Assets: AED 391.7 billion

These figures were included in the UAE’s consolidated financial statement published on Wednesday, providing an overview of the country's fiscal health and asset management.

The Federal National Council also approved a draft federal law validating the consolidated annual report for the fiscal year ending 2023, signifying legislative support for the reported financial figures.

Federal Budget and Financial Planning

In 2022, the UAE government outlined its expenditure strategy for the 2023-2026 fiscal period. The budget, approved by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, forecasts total expenditures of AED 252.3 billion and total revenues of AED 255.7 billion over the period.

For the fiscal year 2023, the UAE Cabinet sanctioned a budget with:

  • Total Expenditures: AED 63.06 billion
  • Total Revenues: AED 63.6 billion

In 2024, this budget was revised, with the federal budget for 2024-2026 set at AED 192 billion ($52.3 billion). The updated budget includes:

  • Estimated Expenditures for 2024: AED 64.1 billion, a 1.6% increase from 2023
  • Estimated Revenues for 2024: AED 65.7 billion, a 3.3% rise from the previous year

“The federal general budget reflects the strength of the national economy and the balance of expenditures and revenues,” stated Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Prime Minister, Deputy Ruler of Dubai, and Minister of Finance.

Economic Resilience and Surplus

In September 2023, the UAE government reported a budget surplus for 2022, with revenues rising by a record 31.8% and expenditures increasing by 6.1%, culminating in a projected AED 427.1 billion.

These financial outcomes underscore the UAE’s robust fiscal management and economic resilience, positioning the country favorably for future growth and stability.

News Source: Gulf Business

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