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Oil prices drive up UAE budget surplus
The UAE budget surplus is set to triple this year if oil prices remain steady, The National reported Thursday (September 2nd). The surplus could hit $3.8 billion, or 6% of GDP, according to a report by the Abu Dhabi-based Arab Monetary Fund.
Oil prices have doubled after reaching lows of $34 per barrel in 2008.
The federal budget represents about 15% of total government expenditures, with the rest dispensed within each emirate. "Preliminary estimates show the UAE’s real GDP will grow by around 2% in 2010 against a contraction of 1% in 2009," the AMF said in a statement.
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