50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

UAE's total revenue rose 32% in 2022

Published 09/18/2023, 01:46 AM
Updated 09/18/2023, 01:56 AM
© Reuters. A general view of a resident and business development site in Dubai, United Arab Emirates, June 14, 2023. REUTERS/Abdelhadi Ramahi/File photo
AED/BHD
-

DUBAI (Reuters) - The United Arab Emirates (UAE) saw revenue increase 31.8% in revenue in 2022, its finance minister said on Sunday, supporting an overall fiscal surplus last year.

One of the Gulf's most diversified economies, the UAE has been developing its non-oil sectors, focusing on areas such as trade, tourism, manufacturing and logistics and financial services.

Spending increased 6.1% in 2022 on the year to stand at about 427 billion dirhams ($116 billion), state news agency WAM said, citing the finance minister, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum.

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

It gave no figure for the full-year fiscal surplus but in May the central bank said the surplus hit $46 billion in the first nine months of 2022, supported by strong oil and non-oil revenue growth as well as high oil prices.

© Reuters. A general view of a resident and business development site in Dubai, United Arab Emirates, June 14, 2023. REUTERS/Abdelhadi Ramahi/File photo

Growth in acquisitions of non-financial assets doubled, up 94.5% in 2022 on the year.

($1=3.6726 UAE dirham)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.