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.
واعتمد مجلس الوزراء اليوم الإحصاءات المالية الحكومية الموحدة على مستوى الدولة لعام 2023.. حيث بلغت الإيرادات الحكومية 546 مليار درهم… والمصاريف 402 مليار درهم…
وجاءت أهم النفقات الحكومية في الأمن والسلامة العامة والصحة والتعليم والشؤون الاقتصادية والحماية الاجتماعية والإسكان… pic.twitter.com/Bya3gozHTv— HH Sheikh Mohammed (@HHShkMohd) September 2, 2024
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 — 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 UAE’s National Economic Register.
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