ABU DHABI: The United Arab Emirates approved its 2015 budget yesterday, projecting no deficit and increased income and public spending as the oil-rich nation continues its rebound from years of financial peril.
Vice President Sheikh Mohammed bin Rashid Al Maktoum said on his Twitter account that the UAE cabinet had approved a balanced budget of Dh49bn ($13.35bn), up 6.5 percent from 2014. Sheikh Mohammed, also the ruler of Dubai, said 49 percent of the budget had been allocated for social development projects and other benefits for UAE citizens.
He said $5.45bn was allocated for government affairs and upgraded services. “Our budget comes in line with our plans and the government’s strict financial standards,” he added. The budget does not include huge oil revenues and is mainly focused on administrative spending, public services, and wages for employees. AFP
