Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
UAE to spend more next year despite crisis
10-27-2009, 05:41 AM
Post: #1
UAE to spend more next year despite crisis
DUBAI: The United Arab Emirates federal government will increase public spending by 3.4 per cent next year despite the global economic downturn, according to the draft 2010 federal budget released on Monday.

Spending will rise to 43.63 billion dirhams ($11.89 billion) for the fiscal year 2010, but the government expects revenues to match expenditure and to balance the budget, making it the sixth consecutive year without a deficit.

The social services sectors, including education and health care, receive the lion’s share of the budget, equivalent to 41 per cent or 17.8 billion dirhams ($4.85 billion). The budget of the federation of seven emirates, Abu Dhabi, Dubai, Sharjah, Ajman, Ras al-Khaimah, Umm al-Qaiwain and Fujairah, reflects “the sound fiscal policy of the government through which it was able to achieve positive growth and no deficit despite the global economic circumstances”, WAM said.

Like its neighbours in the Gulf region, the UAE has witnessed a six-year oil-fuelled economic boom. However, the onset of the global downturn triggered a slowdown in the economy, especially in the emirate of Dubai’s real estate market, causing suspension of mega construction projects and job layoffs as property prices plunged by 50 per cent.

In addition to the federal budget, each of the seven emirates adopts its own budget, which is much higher than that of the federal government. With reserves estimated at 97.8bn barrels of crude oil, the UAE is a leading OPEC member.

http://www.thenews.com.pk/daily_detail.asp?id=205325
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  Overseas Pakistanis prepared To spend money on Pakistan: Dr. Mubasher LRE-Azan 0 348 08-17-2023 05:04 PM
Last Post: LRE-Azan
  CDA to spend Rs 171 million to uplift parks Salman 0 4,229 03-30-2013 11:36 AM
Last Post: Salman
  CDA to spend Rs.171 million for parks uplift Salman 0 4,431 03-04-2013 11:23 AM
Last Post: Salman
  LDA to spend Rs64m on Raiwind Road Salman 0 3,595 06-11-2012 01:21 PM
Last Post: Salman
  LDA to spend Rs250m on development projects Salman 0 3,681 05-01-2012 01:49 PM
Last Post: Salman
  CDA to spend Rs 5b of taxpayers’ money on controversial LED project Salman 0 3,643 04-03-2012 01:06 PM
Last Post: Salman
  LDA to spend Rs 1.48 billion for development projects Salman 0 4,135 04-02-2012 12:49 PM
Last Post: Salman
  CDA to spend Rs 257 million on development of Ankara Park Salman 0 3,345 02-06-2012 12:43 PM
Last Post: Salman
  CDA to spend Rs257m on dev of Ankra Park Lahore_Real_Estate 0 2,702 01-30-2012 11:22 AM
Last Post: Lahore_Real_Estate
  CDA to spend Rs 40m for preserving historical sites Salman 0 3,505 11-14-2011 11:30 AM
Last Post: Salman
  Electricity Crisis in america! LRE 0 3,692 11-06-2010 11:53 PM
Last Post: LRE
  DHA crisis Lahore_Real_Estate 0 2,916 08-19-2010 01:16 PM
Last Post: Lahore_Real_Estate
  Flood crisis: How to help Lahore_Real_Estate 0 2,565 08-03-2010 12:40 PM
Last Post: Lahore_Real_Estate
  Water Crisis & Its Solution LRE 1 5,178 06-15-2010 11:34 PM
Last Post: LRE
  Energy Crisis Lahore_Real_Estate 0 3,608 04-23-2010 11:05 AM
Last Post: Lahore_Real_Estate
  HBFC in Deep Crisis... LRE 1 5,251 03-12-2010 03:48 PM
Last Post: LRE
  Wheat Purchase: Another Crisis... LRE 0 3,222 01-02-2010 09:18 PM
Last Post: LRE
  Kuwait's half-year income surpasses full-year target Naveed Yaseen 0 4,260 11-10-2009 10:45 AM
Last Post: Naveed Yaseen
  Last year forex crisis was manufactured by unusual $4.34bn payments of loans Naveed Yaseen 0 3,716 10-11-2009 05:40 AM
Last Post: Naveed Yaseen
  Suger Crisis ( Cartoon) LahoreEstate 0 2,276 09-05-2009 08:49 AM
Last Post: LahoreEstate

Forum Jump:


User(s) browsing this thread: 1 Guest(s)