UAE reports fiscal surplus in 2022 as revenue rises 32%

Wam

The UAE’s revenues rose 31.8 percent in 2022, supporting an overall fiscal surplus last year, according to the country’s finance minister.

Spending increased by 6.1 percent in 2022 year-on-year to stand at about AED427 billion ($116 billion), state-run Wam news agency said, citing finance minister Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum.

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“Despite the increase in revenues, the UAE has maintained a cautious and rational spending policy,” the minister said, adding that the surplus will allow for stronger fiscal buffers to mitigate potential financial risks.

While no figure was given on the full-year fiscal surplus, the central bank said in May that the surplus hit $46 billion in the first nine months of 2022 on strong oil and non-oil revenue growth and high oil prices.

Growth in acquisitions of non-financial assets doubled, rising 94.5 percent in 2022 year-on-year.

Other revenue grew by AED19.33 billion in 2022 year-on-year, indicating stability of the local economy. Social contributions rose to AED14.92 billion in 2022 from AED13.55 billion in 2021.