The UAE federal government plans to boost its 2022 federal budget spending by an additional Dh1.23 billion ($334.9 million), the Federal National Council said on Tuesday.
The increased spending will come from the federal government's general reserves, the FNC said on Twitter.
It said the UAE's revenue this year was estimated to increase by about Dh374.9m.
In October last year, Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, approved the UAE budget for 2022 with total expenditure of Dh58.93bn.
The largest share of the budget was allocated to the development and social benefits sector at 41.2 per cent, including 16.3 per cent for education, 6 per cent for social development, 8.4 per cent for health, 8.2 per cent for pensions and 2.6 per cent for other services.
About 3.8 per cent of the budget was allocated to the infrastructure and financial resources sector.
The country also announced a five-year federal budget last year with a total spend of Dh290bn until 2026.
Sheikh Mohammed said at the time that the UAE was sending a message that the country was primed for further success.
“We enter the new federal 50th with confidence, optimism and global aspirations," he said.
The UAE's economy has rebounded strongly from the Covid-19 pandemic and is set to expand by 5.4 per cent this year, the latest figures from the Central Bank of the UAE have shown.
The 2022 real gross domestic product growth estimate is higher than the 4.2 per cent projection the central bank made in April.
The Arab world’s second-largest economy, which expanded by 3.8 per cent in 2021, is expected to grow by another 4.2 per cent in 2023 as growth momentum continues.
Overall GDP growth will be supported by a robust 8 per cent jump in the UAE’s oil economy in 2022, which is expected to grow by another 5 per cent next year amid higher crude prices.
The country’s non-oil economy will expand 4.3 per cent this year after growing 5.3 per cent last year. The growth is estimated to moderate to 3.9 per cent next year, central bank data shows.
The International Monetary Fund projects that the UAE economy will grow 4.2 per cent this year, while Japan's largest lender MUFG expects it to grow 4.9 per cent. Emirates NBD forecasts growth of 5.7 per cent and Abu Dhabi Commercial Bank estimates a 5.4 per cent expansion, supported by a sharp increase in the oil sector.
The FNC also approved a law to amend some provisions of Federal Decree Law 26 of 2019 in the matter of public finance.
"The federal law plan complies with the adopted accounting standards on the accrual basis of accounting rather than the accounting system that is based on modified cash," it said on Twitter.
Brief scores
Day 1
Toss England, chose to bat
England, 1st innings 357-5 (87 overs): Root 184 not out, Moeen 61 not out, Stokes 56; Philander 3-46
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Killing of Qassem Suleimani
The specs: Audi e-tron
Price, base: From Dh325,000 (estimate)
Engine: Twin electric motors and 95kWh battery pack
Transmission: Single-speed auto
Power: 408hp
Torque: 664Nm
Range: 400 kilometres
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
Killing of Qassem Suleimani
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COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
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MATCH INFO
Crawley Town 3 (Tsaroulla 50', Nadesan 53', Tunnicliffe 70')
Leeds United 0
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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