According to the finance minister of the United Arab Emirates (UAE), revenue increased by 31.8% in 2022, contributing to a general budget surplus the previous year.
The UAE, one of the most economically diverse countries in the Gulf, has been expanding its non-oil sectors, putting particular emphasis on industries including trade, tourism, manufacturing, logistics, and financial services.
The finance minister, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, was quoted by state news agency WAM as saying that spending climbed 6.1% year over year in 2022 to reach over 427 billion dirhams ($116 billion).
It added that the surplus will enable greater fiscal buffers to reduce potential financial risks. “Despite the increase in revenues, the UAE has maintained a cautious and sensible spending policy,” it stated.
The full-year fiscal surplus was not disclosed, but the central bank said in May that the first nine months of 2022 saw a $46 billion budget surplus, driven by robust growth in oil and non-oil revenues as well as high oil prices.
Non-financial asset purchases increased, rising 94.5% year over year in 2022.