There's nothing like a bit of shopping to lift the mood, right? It seems like the UAE agrees. The Federal National Council (FNC) has announced that the UAE government will increase its spending by Dh1.23 billion ($334.9 million) in the 2022 budget. A welcome change amidst all the chaos right now. In a statement issued on Twitter, the FNC said the increased spending would come from the federal government's general reserves.
The bulk of the budget will be allocated development and social benefits sector (41.2%), followed by education (16.3%), social development (6%), health (8.4%), pensions (8.2%) and rounded off by other services (2.6%).
The FNC further explained that the UAE's estimates of the federal budget revenues for the financial year 2022 would be increased by Dh374.98 million; this comes after the government approved a federal budget of Dh58.9 billion in October 2021. The country also announced a five-year federal budget last year with a total spend of Dh290bn until 2026. UAE is currently the Arab world's second-largest economy, expanding by 3.8% in 2021 and expected to grow by another 4.2% in 2023 as growth momentum continues.