UAE to increase budget spending by Dh1.23b in 2022

The UAE government will increase its spending by Dh1.23 billion ($334.9 million) in the 2022 budget, the Federal National Council (FNC) has announced.

In a statement issued on Twitter on Tuesday, the FNC said the increased spending will come from the federal government's general reserves.

It further said the UAE's estimates of the federal budget revenues for the financial year 2022 will be increased by Dh374.98 million. The government approved a federal budget of Dh58.9 billion in October 2021.

Dr Tariq Humaid Al Tayer, chairman of the FNC’s committee on Financial, Economic and Industrial Affairs, said the FNC on Tuesday approved two federal bills, including a supplementary budget for the federal government for the fiscal year 2022, and a draft amendment bill to some provisions of Federal Decree-Law 26/2019 regarding public finance.

The amendments approved by the FNC to some of the provisions of Federal Law No. 26 of 2019 regarding public finance included the definition of the consolidated final account, the introduction of some provisions regulating subjecting of government companies to the Public Finance Law, and the introduction of some provisions regulating the accounting standards approved for the UAE.

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