October 27, 2021, 19:22

    UAE approves federal spending of 58.9 bln dirhams for 2022

    UAE approves federal spending of 58.9 bln dirhams for 2022

    CAIRO, Oct 13 (Reuters) – The United Arab Emirates has approved a federal budget of 58.9 billion dirhams ($16.04 billion) for 2022, the Ministry of Finance said on Wednesday.

    The budget allocates 24.2 billion dirhams for social development and benefits, 21.5 billion dirhams for general government affairs and 980.5 million dirhams for federal projects.

    The federal budget accounts for only a fraction of consolidated state spending in the UAE as individual emirates such as Abu Dhabi and Dubai also have their own budgets. It is, however, an indication of official plans for the economy.

    The ministry said 2.3 billion dirhams were allocated for infrastructure, and 2.4 billion for financial investments.

    ($1 = 3.6726 UAE dirham)

    Reporting by Davide Barbuscia
    Writing by Ahmad Elhamy
    Editing by Gareth Jones, William Maclean

    Sourse: reuters.com

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