UAE government revenues exceed AED 115 billion in Q1

The UAE government’s revenues during the first quarter of this year amounted to AED 115.6 billion, while its expenditures totalled AED 92.5 billion.

That's according to data from the Ministry of Finance, which showed total revenues included AED 63.5 billion of tax revenue, AED 3.9 billion of revenues from social contributions, and AED 48.2 billion from property income, sales of goods and services, and fines and penalties.

Meanwhile, the value of net lending/net borrowing amounted to AED 23.2 billion. This value is a summary measure of a government’s ability to lend or their need to borrow, and an indicator of the financial impact of government activity on other sectors of the economy.

"These results reflect the efficiency of government expenditure and effective utilisation 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 revenue away from oil," said Younis Haji Al Khouri, Undersecretary of Ministry of Finance.

Al Khouri also highlighted the World Bank's projection that the UAE’s non-oil sector is expected to achieve strong growth by the end of 2023, driven by robust domestic demand, especially in tourism, real estate, construction, transportation and manufacturing sectors.

Publishing the preliminary results of the UAE Government Finance Statistics Report for the first quarter of 2023 is in line with the open data policy followed by the UAE and based on the standards of the Government Finance Statistics Manual issued by the International Monetary Fund.

The preliminary Financial Statistics for the 1st quarter of 2023, showed that government revenues reached AED 115.6 billion and its expenditures totaled AED92.5 billion pic.twitter.com/gAr5S4v076

— وزارة المالية | الإمارات (@MOFUAE) July 25, 2023