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Tuesday, 11 October 2011

UAE govt clears $11 bln federal budget draft for 2012 | Reuters

The United Arab Emirates government approved a draft 2012 federal budget of 41.8 billion dirhams ($11.4 billion) on Tuesday, roughly the same as expected for this year, pencilling in a tiny deficit, the state news agency WAM reported.

Revenue is projected to reach 41.4 billion dirhams next year, WAM said. That puts the budget shortfall of the world's No. 4 oil exporter at 400 million dirhams, a mere 0.04 percent of its economic output, according to Reuters calculations.

Health, education and social services will be the key budget priorities, Prime Minister and Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum said during Tuesday's cabinet meeting.