No 23



UAE Government Approves Standstill 2003 Budget

The UAE cabinet on 2 June approved the draft law for the 2003 federal budget, with total revenue set at Dh21.07bn ($5.74bn), total expenditure at Dh23.28bn ($6.34bn) and a resulting deficit of Dh2.21bn ($$60mn). To come into effect the budget law will have to be issued by UAE President Shaikh Zayid bin Sultan Al Nuhayyan. The deficit in 2003 represents a 1.8% increase on the previous year, while revenue and expenditure...