The FNC inaugurated its 13th session on Tuesday. Image Credit: WAM

The UAE’s federal government aims to increase spending by Dh1.23 billion ($334.9 million) in the 2022 budget, the Federal National Council said on Twitter on Tuesday.

The UAE estimates revenues will be Dh374.98 million higher. The increased spending will come from the federal government's general reserves, the council added.

The UAE in October approved a 2022 federal budget of Dh58.9 billion.

The federal budget accounts for only a fraction of consolidated state spending in the UAE as individual emirates such as Abu Dhabi and Dubai also have their own budgets. It is, however, an indication of official plans for the economy.

This is a developing story.