Media ININ Economy We Trust
September 17
He praised the efforts of the Ministry of Finance work team.
– Maktoum bin Mohammed:
• “Fiscal policy contributed to enhancing economic growth and a competitive business environment, which resulted in the UAE being included in the list of the fastest growing economies in the world during 2022.”
Muhammad Al-Husseini:
• “The UAE government seeks to diversify the local economy through balanced financial planning.”
Side headings:
• Building strong financial buffers to face future global fluctuations.
• Continue working on implementing transformational and strategic projects.
• Adopting a rational spending policy to avoid overheating the economy and rising prices.
• Employing digital technology to increase the efficiency of tax collection.
– Consolidated financial performance indicators for the UAE:
31.8% growth in state revenues.
6.1% growth in expenses.
427.12 billion dirhams, the volume of expenditures.
94.5% growth in net acquisition of non-financial assets.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, affirmed that the strong financial performance achieved by the UAE at all levels, and the diversification of government revenues, reflect the discipline of fiscal policy, as the budget recorded a surplus in the year 2022. And revenues grew on an annual basis by 31.8% in 2022, while the growth rate in expenses reached 6.1%, reaching about 427.12 billion dirhams.
His Highness praised the efforts of the Ministry of Finance’s work team in supporting financial leadership and sustainable development of the country, pointing out that the financial policy contributed to enhancing economic growth and consolidating a competitive business environment, which resulted in the inclusion of the UAE in the list of the fastest growing economies in the world during 2022.
(Balanced financial planning)
His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, said: The UAE government seeks, through balanced financial planning, to diversify the local economy, enhance non-oil government revenues, and diversify sources of government revenues, in addition to employing financial reforms to improve the business environment and attract foreign investments. Quality; The government also seeks to raise the level of spending effectiveness, by keeping pace with institutional developments, and adopting and applying best practices, as the government’s implementation of the vision of the wise leadership has resulted in the recovery of the national economy and its return to the normal growth path in the wake of the pandemic, which fills us with confidence and motivates us to do more. Efforts to achieve sustainable growth.
(expense control)
Expenditures increased moderately during the year 2022, with an increase of approximately 24.74 billion dirhams over the year 2021, as a result of the government’s commitment to controlling expenditures, strengthening financial buffers, and focusing on strategic investments and projects, in a way that serves the state’s vision and achieves comprehensive growth in its economic, social and environmental dimensions, and in a way that enhances its orientations towards employment. Financial policies to confront the effects of climate change.
One of the most important items that reflects the directions of government spending policy in the country is the doubling of the net acquisition of non-financial assets, as it achieved during the year 2022 a growth rate estimated at 94.5% compared to the year 2021, which reflects the role of these assets in achieving the national strategic goals and supporting the leadership’s ambition. Al Rasheeda has placed the UAE economy on the list of the best economies in the world, in addition to its contribution to promoting economic diversification and reducing the impact of government revenues and the local economy on fluctuations in the price of oil.
(Quantum leap)
The United Arab Emirates achieved a surplus in the overall public finance balance, as the budget achieved a surplus in 2022, and thus this indicator achieved growth, and this exceptional growth is due to the qualitative leap achieved by government revenues, supported by strong local economic activity. Despite the increase in revenues, the state has maintained a rational spending policy, as this surplus will allow strengthening financial buffers to mitigate the impact of potential financial risks. The government also continues to implement its strategic plan, by investing aimed at enhancing the business environment, providing services with the highest possible quality, and providing Maximum levels of social well-being for citizens and for everyone residing in the Emirates.
( Revenues )
According to an analysis of the UAE government’s financial performance for the fiscal year 2022, tax revenues increased in 2022, which reflects the recovery of economic activity in the country, in addition to the results of simplifying and digitizing tax procedures, which has an impact on improving the efficiency of tax collection, as well as intensifying awareness campaigns. Tax has had a tangible impact on taxpayers’ awareness of the facilities and services provided, which has contributed to enhancing compliance and increasing efficiency.
On the other hand, other revenues achieved an increase of 19.33 billion dirhams in 2022, which reflects the stability of the local economy. As for social contributions, they increased from 13.55 billion dirhams in 2021, to 14.92 billion in 2022, to contribute to achieving the parents’ vision. The founders of building the Emirati human being capable of pushing the wheel of growth towards new horizons, for the sake of the nation’s elevation and prosperity.
