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.
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Courtesy: Crystal Intelligence
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
UAE currency: the story behind the money in your pockets
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
RESULT
Manchester United 2 Burnley 2
Man United: Lingard (53', 90' 1)
Burnley: Barnes (3'), Defour (36')
Man of the Match: Jesse Lingard (Manchester United)
No_One Ever Really Dies
N*E*R*D
(I Am Other/Columbia)
The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
COMPANY%20PROFILE
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Paris%20Agreement
%3Cp%3EArticle%2014%3C%2Fp%3E%0A%3Cp%3E1.%20%5BThe%20Cop%5D%20shall%20periodically%20take%20stock%20of%20the%20implementation%20of%20this%20Agreement%20to%20assess%20the%20collective%20progress%20towards%20achieving%20the%20purpose%20of%20this%20Agreement%20and%20its%20long-term%20goals%20(referred%20to%20as%20the%20%22global%20stocktake%22)%3C%2Fp%3E%0A%3Cp%3E2.%20%5BThe%20Cop%5D%20shall%20undertake%20its%20first%20global%20stocktake%20in%202023%20and%20every%20five%20years%20thereafter%C2%A0%3C%2Fp%3E%0A
Hamilton profile
Age 32
Country United Kingdom
Grands Prix entered 198
Pole positions 67
Wins 57
Podiums 110
Points 2,423
World Championships 3
Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
Match info
Huddersfield Town 0
Chelsea 3
Kante (34'), Jorginho (45' pen), Pedro (80')
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
2019 ASIAN CUP FINAL
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
Paris Can Wait
Dir: Eleanor Coppola
Starring: Alec Baldwin, Diane Lane, Arnaud Viard
Two stars
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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