UAE allocates Dh17b in social development

Dubai: The UAE is increasing its spending by 3.4 per cent to Dh43.6 billion in 2010, up from Dh42 billion allocated for 2009, a senior government official said, while announcing the federal budget for next year.

Abu Dhabi will contribute Dh17 billion to the federal budget while Dubai will pay Dh1.2 billion. Revenues from the UAE federal ministries will be Dh20.8 billion. The rest will come from government investment and services, officials said.

On the expenditure side, social sector development that includes education, healthcare and social affairs will be allocated the bulk of the money, about Dh17.8 billion or 41 percent while new government and infrastructure projects will receive Dh7.6 billion or 17.5 per cent.

Younis Al Khouri, director-general at the Ministry of Finance said, this is the sixth consecutive year that the country has announced a balanced (zero deficit) budget.

“The government plans to issue bonds, once the public debt law is in place,” he told reporters while announcing the budget.

He did not specify when he expected the debt law to be put in place.