The United Arab Emirates government's net operating surplus more than doubled in the first quarter to 36.4 billion dirhams ($9.9 billion) as surging oil prices boosted public revenue, finance ministry data showed on Monday.
High oil prices and increased production have been a boon for the UAE's economy this year, along with a continued recovery from the pandemic's impact.
Government spending in the UAE rose to 87.4 billion dirhams from 73.1 billion dirhams in the first quarter of 2021, a nearly 20% rise.
Revenue jumped 39% from a year earlier to 123.8 billion dirhams in the first quarter, the data showed.
The UAE's net operating surplus was up 128.7% from 15.9 billion dirhams in the first quarter of last year.
The UAE in October approved a 58.9 billion dirhams federal budget and in June proposed 1.23 billion dirhams in additional spending. The federal budget is just a fraction of state spending as individual emirates, such as Abu Dhabi and Dubai, also have their own budgets.
Spending on compensation of government employees in the first quarter rose 16.6% year on year to 28.7 billion dirhams. Social benefits expenditure was up 7.4% to 14.1 billion dirhams. ($1 = 3.6729 UAE dirham) (Reporting by Yousef Saba; Editing by Susan Fenton)