Middle East Economic Survey
UAE 2012 Federal Budget Continues To Stress Social Spending
The UAE cabinet on 11 October approved the draft federal budget for 2012, with total expenditure of Dh41.8bn ($11.4bn), total revenue of Dh41.4bn ($11.3bn) and a resulting deficit of Dh400mn ($109bn). This is much lower than the Dh3bn ($817mn) deficit projected for 2011. The federal budget will need to be reviewed by the Federal National Council (parliament) before it is...