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UAE posts Dh9.75 billion in Q2 budget surplus

Issac John /Dubai
issacjohn@khaleejtimes.com Filed on September 8, 2020 | Last updated on September 8, 2020 at 06.36 am
UAE budget, surplus, zero-deficit

(Reuters)

Revenues in the second quarter were at Dh34.744 billion and expenditures were at Dh24.997 billion.

The UAE federal government posted a second-quarter budget surplus of around Dh9.75 billion, up from a surplus of Dh1.8 billion in the first quarter 2020.

Revenues in the second quarter were at Dh34.744 billion and expenditures were at Dh24.997 billion, state news agency WAM said on Monday, citing a finance ministry report.

For 2019, data from the UAE Ministry of Finance shows that the consolidated budget posted a surplus of Dh37 billion, around 2.4 per cent of the estimated GDP in 2019.

It was the second consecutive year of budget surplus for the country, although the size of last year's budget surplus was smaller than in 2018.

For the 2020 fiscal year, the UAE Cabinet had approved a zero-deficit federal budget of Dh61.354 billion for 2020. This is the largest budget since the establishment of the UAE.

About 31 per cent of the budget has been allocated to social development seeking to offer UAE citizens and residents a decent life and achieve the objectives of the UAE Vision 2021 and the UAE Centennial 2071.

The budget has been distributed to various sectors related to Emirati citizens and services. While 31 per cent being allocated to social development, 14 per cent was earmarked for infrastructure and economic resources, 6.5 per cent to social benefits, and 32.6 per cent to government affairs.

The estimated budget allocation to social development and social benefits programmes amount to Dh26.7 billion, or 38 per cent of the total budget.

Allocations to the public, higher education and university programmes have been to the tune of Dh10.4 billion, or 14.8 per cent of the total. The estimated cost of public education programmes amount to Dh6.7 billion, or 9.5 per cent of the total budget while higher and university education is expected to cost Dh3.7 billion, or 5.3 per cent.

About Dh4.9 billion, or 6.9 per cent of the total, has been allocated to healthcare and disease prevention.

Allocations to the social rights programmes of the Ministry of Community Development amount to Dh3.5 billion, or five per cent of the total while Dh1.8 billion has been allocated to the Sheikh Zayed Housing Programme, or 2.5 per cent of the total, to provide support for housing for Emiratis.

Social benefit allocations, most notably to pensions, account for Dh4.6 billion or 6.5 per cent of the total, in implementation of the directives of the UAE's leadership to offer a decent life to senior citizens, including military veterans and civilians, while other services account for Dh1.6 billion.

issacjohn@khaleejtimes.com

author

Issac John

Editorial Director of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.


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