Total expenditure is budgeted to be AED 23,156 million ($6,309 million), compared with AED 22,633 million ($6,167 million) in 2001.

Total revenues for the new fiscal year are set at AED 20,987 million ($5,718 million), a 3 per cent increase over last year. The direct contribution from the emirates – the vast majority of which comes from Abu Dhabi – will be AED 13,680 million ($3,727 million). The remaining AED 7,290 million ($1,986 million) will be generated from internal federal revenues.

‘The budget reflects a healthy economy, with higher income and controlled expenditure,’ the official WAM news agency quoted Finance & Industry Minister of State Mohammad Khalfan bin Kharbash as saying. ‘Priority has been given to education, health, social security, power and water and infrastructure development.’

A total of AED 1,515 million ($413 million) has been allocated for the education sector and another AED 858 million ($234 million) to the Federal Electricity & Water Authority.