Skip to content Skip to Search
Skip navigation

UAE government surplus hit $6.8bn in last quarter

Ramadan celebrations in Dubai. The UAE's government expenditure included goods and services, wages and subsidies Reuters
Ramadan celebrations in Dubai. The UAE's government expenditure included goods and services, wages and subsidies
  • Revenues of AED156bn
  • ‘Keen to diversify revenue’
  • 5% GDP growth predicted

UAE government revenues reached AED156 billion ($42 billion) for the fourth quarter in 2023, resulting in the Gulf state recording a federal surplus of AED25 billion ($6.8 billion) over the period, according to data from the Ministry of Finance.

Expenditure over the three-month period hit AED131 billion. It was made up of investment in non-financial assets – such as real estate and vehicles – and current expenses, including employees’ wages, consumption of fixed capital, paid interest, subsidies, grants and social benefits.



Net borrowing amounted to AED24.6 billion.

“The UAE government is keen to diversify its revenue sources, while also ensuring optimal use of financial resources and improved efficiency of government spending,” Younis Haji Al Khoori, under-secretary of the Ministry of Finance said.

The UAE’s gross domestic product expanded by more than 3 percent in 2023. Growth in the non-oil sector approached 6 percent, according to S&P Global.

The ratings agency predicted GDP will grow by a further 5 percent this year, driven by strong momentum in the hospitality, financial services, and wholesale and retail sectors.

The year has started off on a solid footing, with the S&P Global UAE Purchasing Managers’ Index (PMI) for February reporting the sharpest increase in output levels since the middle of 2019. The UAE’s PMI was up from 56.6 in January to 57.1 last month.

“The UAE is enhancing its competitiveness, as well as its commitment to fostering a dynamic economic environment and improving its tax system,” said Al Khoori.

Latest articles

Flooding in Dubai affected many people's homes. Emaar has promised .free repairs for its residents, and an upgraded sewerage system is planned

Emaar promises free repairs as Dubai launches sewerage system

Emaar Properties is offering free repairs to residents whose homes were damaged during this week’s extreme flooding, as Dubai also announced an AED80 billion ($22 billion) sewerage system. The developer announced on Friday that it would repair all homes in its communities affected by the historic levels of rain, “at no cost to residents”. Emaar’s […]

Construction work in Kuwait. Nurseries, schools and shops are being built for the new residential district of Al Metlaa

Kuwait signs $140m contracts for Al Metlaa development

Kuwait’s Public Authority for Housing Welfare (PAHW) has signed two contracts worth KD42 million ($140 million) to construct public buildings in Al Metlaa, a new residential district north of Kuwait City. Nurseries, stores, schools and shops will be included, state news agency Kuna reported. Electricity connections have been provided for 109 buildings in the district, […]

Iraq gas oil

Iraq to auction 30 oil and gas projects this month

Iraq will auction 30 new oil and gas projects in two licensing rounds before the end of April. The bidding round will be held on April 27, Reuters reported, citing an oil ministry statement. Last October Iraq passed a long-awaited oil and gas law, which will help the country attract more international investments into the hydrocarbon industry and boost government revenues.  Ali Metwally, an […]

Workers at Cano Limon oil field in eastern Colombia. Oil is one of the country's largest exports

UAE strikes Colombia deal to strengthen Latin American links

The UAE has strengthened trade relations with Latin America after signing a comprehensive economic partnership agreement with Colombia, just days after a Cepa deal was struck with Costa Rica. Officials from the UAE and Colombia put pen to paper on an agreement that will cut tariffs and remove trade barriers between the two countries. UAE […]