Financial and Banking News


UAE Federal Deficit Shrinks in 1985 

Austerity Budget The UAE federal budget for the fiscal year 1 January-31 December 1985, which was approved by the UAE cabinet on 28 October, will have an estimated deficit of Dh3.6bn ($981mn), 16.3% less than the projected deficit of Dh4.3 ($1,172mn) in fiscal 1984, but 28.6% higher than the actual deficit of Dh2.8bn ($763mn) incurred in that year. The delayed budget reflects the recent trend in UAE...