The United Arab Emirates Prime Minister Sheikh Mohammed bin Rashid Al Maktoum announced on Tuesday the government has approved a deficit-less 2013 federal budget with an expenditure of AED44.6 billion ($12.1 billion).
“There was a meeting of the Council of Ministers. We approved the draft budget for 2013 with total spending of 44.6 billion dirhams, without a deficit,” Sheikh Mohammed, who is also the ruler of Dubai, wrote on his official Twitter account.
“The government’s plan over three years is to spend 133 billion dirhams for strategic plan development,” he also said.
The UAE federal budget accounts for only around 11% of overall fiscal spending in the UAE, with individual emirates accounting for the rest.
The Prime Minister also announced that social development will have the largest share of the budget (51% of the total budget), along with education (22%), and water and electricity (12%).
“Citizens will remain our top priority. Their health, education, housing & social welfare will be at the center of our attention,” he said on his Twitter account.
“The budget is part of a 3-year government financial plan with total spending of AED133 billion in order to implement our strategic plans,” Sheikh Mohammed added.