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FINANCIAL NEWS
UAE to maintain current spending levels
01 Jun 2010
(MENAFN) An official at the UAE Ministry of Finance stated that the government will maintain federal spending levels as outlined in its 2010 budget despite a fall in oil prices, Reuters reported.
Unlike many other parts of the world, most Gulf Arab states are expected to run comfortable budget surpluses this year while keeping spending high, as higher-than-budgeted oil prices help cement recovery in the region.
The UAE, the world?s third largest oil exporter, does not include revenue from crude sales in its federal budget. However, Abu Dhabi, which holds more than 90 percent of the UAE?s oil wealth, is the budget?s biggest contributor, followed by Dubai.
The federal budget accounts for around 15 percent of total government expenditures in the UAE, with the bulk occurring at the level of individual emirates.
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