By Elias Al Helou
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UAE approves consolidated financial statistics for 2023 with $39.2 billion government surplusĀ 

Last year, the country attracted a record $30.49 billion in foreign direct investment, ranking second globally
UAE approves consolidated financial statistics for 2023 with $39.2 billion government surplusĀ 
Sheikh Mohammed also remarked that by the end of the first half of 2020, the UAE had 405,000 companies, according to valid business license statistics. (Photo Credit: Government of Dubai Media Office)

Published: Tue 3 Sep 2024, 11:41 AM

Last updated: Tue 3 Sep 2024, 5:44 PM

The UAE Cabinet has approved the consolidated government financial statistics for 2023, revealing total government revenues of AED546 billion ($148.65 billion) and expenditures of AED402 billion ($109.45 billion). This results in a surplus of AED144 billion ($39.2 billion). The Government of Dubai Media office reported that Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, noted that the largest areas of government spending were in public security and safety, health, education, economic development, social protection, housing, and community services.

Additionally, Sheikh Mohammed emphasized that the UAE has experienced rapid growth, ranking fifth worldwide in real GDP growth and placing itself among the top 10 economies in various global competitiveness measures. He noted that last year, the country attracted a record AED112 billion ($30.49 billion) in foreign direct investment, securing the second position globally, after the United States, for the number of new foreign direct investment projects, which amounted to 1,323 ā€” a 33 percent increase compared to the previous year.

Read more: Experts forecast robust growth for the UAE economy in 2024 amid global challenges

Sheikh Mohammed also remarked that by the end of the first half of 2020, the UAE had 405,000 companies, according to valid business license statistics. He noted that over the last four years, this number had surged to 1.021 million registered companies by mid-2024, reflecting a growth of 152 percent, as reported by the UAEā€™s National Economic Register.

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