• His Excellency Younis Al Khouri: These results reflect the efficiency of government expenditure and effective utilization of financial resources.

Abu Dhabi, UAE – The preliminary results of the UAE Government Finance Statistics Report for the first quarter of 2023, published by the Ministry of Finance today, revealed that the government’s revenues amounted to AED115.6 billion, and its expenditures totaled AED92.5 billion.

Total revenues included AED63.5 billion of tax revenues, AED3.9 billion of revenues from social contributions, and AED48.2 billion of other revenues from property income, sales of goods and services, fines and penalties, and transfers not elsewhere classified.

According to the Ministry of Finance’s data, the value of total expenditures amounted AED92.5 billion consisting of net investment in nonfinancial assets and current expenses, including employees’ wages, use of goods and services, consumption of fixed capital, paid interest, subsidies, grants, social benefits, and other transfers.

The results of financial transactions during the first quarter of 2023 shows the value of net lending/net borrowing amounted to AED23.2 billion. The net lending/net borrowing value is a summary measure of a governments’ ability to lend or their need to borrow, and an indicator of the financial impact of government activity on other sectors of the economy.

His Excellency Younis Haji Al Khouri, Undersecretary of Ministry of Finance, said: “These results reflect the efficiency of government expenditure and effective utilization of financial resources in directing them to priority strategic sectors. It also showcases the advancement of the government’s financial framework and its success in developing new and diversified sources of government revenue away from oil, and adopting effective financial policies to manage and develop the government’s financial resources.”

His Excellency added: “The government’s financial performance enhances the UAE’s competitiveness and its move towards sustainable socio-economic development. The World Bank projects that the UAE’s non-oil sector is expected to achieve strong growth by the end of 2023, driven by robust domestic demand, particularly in tourism, real estate, construction, transportation, and manufacturing sectors.”

Publishing the preliminary results of the UAE Government Finance Statistics Report for the first quarter of 2023 is in line with the open data policy followed by the United Arab Emirates and based on the standards of the Government Finance Statistics Manual issued by the International Monetary Fund. Government Finance Statistics (GFS) shows the total volume of government operations in the country and measures the financial activities of the government in an economy, and the government’s allocation of resources.  These statistics are an essential element in sound financial analysis, monitoring public expenditures, and play a pivotal role in setting financial programs and monitoring economic policies. It is a key type of macroeconomic statistics that serves political leaders, decision-makers, researchers, and those interested in the financial sector, making it one of the statistics of high local and international interest. Therefore, the open data portal in the Ministry of Finance allows access to data that can be used by developers, researchers, the media, and the public, in line with the concept of open government data and the era of digital transformation.

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About the Ministry of Finance

The Ministry of Finance of the United Arab Emirates was established as a sovereign ministry under Federal Decree No. (2) of 1971 to assume responsibility for implementing all financial policies related to economic development in the country, foremost of which is preparing and allocating the federal budget, managing the government’s financial situation, and providing services to the government and business sectors, as well as individuals. His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, serves as Minister of Finance, heading the UAE’s economic and financial interests. His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, aims to achieve the Ministry’s strategic objectives.

The Ministry of Finance operates in accordance with a realistic yet ambitious strategic plan to perform its tasks and services in line with international best practices. The Ministry strives to achieve six key strategic goals, namely, enhancing financial planning in the Federal Government and the sustainability of public finances; raising the efficiency and effectiveness of budget execution, while managing the Federal Government’s financial position and cash flows; overseeing the UAE’s financial and economic interests at the international level; boosting the country’s competitiveness in financial and economic fields; providing all administrative services in accordance with the highest standards of quality, efficiency, and transparency; and finally, promoting a culture of innovation in the corporate work environment.

The Ministry includes five main sectors: the government budget and revenue sector, tax legislation sector, government financial management sector, international financial relations sector, and support services sector. It also includes the Federal Debt Management Office, General Budget Committee, Government Financial Policy Coordination Council, and the Financial Restructuring Committee.

For more information, please contact:
Tasnim Hijazi
APCO Worldwide
E: thijazi@apcoworldwide.com