The UAE spent nearly 2.634 trillion UAE dirhams ($718 billion) during 2016-2022 and recorded its highest fiscal surplus last year due to high oil prices, according to official data.

The report by the UAE-based Arabic language daily Alkhaleej cited a Finance Ministry report, which covered expenditure in the UAE’s consolidated budget encompassing the federal budget and spending by each of the country’s seven emirates.

In 2022, revenues climbed to their highest ever level of around AED597 billion ($162.6 billion), an increase of nearly 32 percent over 2021, when the income stood at AED463 billion ($126 billion).

The report showed that the surge in the 2022 income allowed the UAE to record its highest fiscal surplus of nearly AED207 billion ($56.5 billion) although actual expenditure peaked at nearly AED390 billion ($106 billion).

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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