UAE government revenues amount to Dhs155.9 billion in Q4 2023: MoF

The UAE Ministry of Finance (MoF) on Thursday published the preliminary results of the UAE Government Finance Statistics Report for the fourth quarter of 2023, unveiling that the government’s revenues amounted to Dhs155.9 billion.

According to the MoF data, the value of total expenditures amounted to Dhs131.3 billion consisting of net investment in non-financial assets and current expenses, including employees’ wages, use of goods and services, consumption of fixed capital, paid interest, subsidies, grants, social benefits, and other transfers.

The results of financial transactions during the fourth quarter of 2023 show the value of net lending/net borrowing amounted to Dhs24.6 billion. The net lending/net borrowing value is a summary measure of a government’s ability to lend or their need to borrow, and an indicator of the financial impact of government activity on other sectors of the economy.

Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, said, “The UAE government is keen to diversify its revenue sources, while also ensuring optimal use of financial resources and improved efficiency of government spending. This will positively reflect on all aspects of development and enhance the country’s competitiveness and economic sustainability.”

Al Khoori added, “The UAE is enhancing its competitiveness, as well as its commitment to fostering a dynamic economic environment and improving its tax system. These are in line with its strategic objectives of diversifying the economy and consolidating its position as a leading global business and investment hub.”

Publishing the preliminary results of the UAE Government Finance Statistics Report for the fourth quarter of 2023 is in line with the open data policy followed by the United Arab Emirates and based on the standards of the Government Finance Statistics Manual issued by the International Monetary Fund. Government Finance Statistics (GFS) shows the total volume of government operations in the country and measures the financial activities of the government in an economy, and the government’s allocation of resources.

These statistics are an essential element in sound financial analysis, and monitoring public expenditures, and play a pivotal role in setting financial programmes and monitoring economic policies.

It is a key type of macroeconomic statistics that serves political leaders, decision-makers, researchers, and those interested in the financial sector, making it one of the statistics of high local and international interest. Therefore, the open data portal in the UAE Ministry of Finance allows access to data that can be used by developers, researchers, the media, and the public, in line with the concept of open government data and the era of digital transformation.

Implementation of ZGB programme to ensure better services in UAE:  The Ministry of Economy organised a workshop on the ‘Zero Government Bureaucracy’ (ZGB) programme to discuss the mechanisms for the programme’s implementation. The programme was launched by the UAE government with an aim to streamline and simplify government procedures by eliminating unnecessary procedures and requirements.

The workshop was inaugurated by Badreya Al Maidoor, Assistant Under-Secretary for the Support Services Sector at the Ministry of Economy, in the presence of Abdullah Sultan Al Fan Al Shamsi, Assistant Under-Secretary for the Commercial Control and Governance Sector; Maria Hanif, Assistant Under-Secretary for the Policy and Economic Studies Sector; and Dr. Abdul Rahman Al Muaini, Assistant Under-Secretary for the Intellectual Property Sector, and a number of partners and dealers.

Badreya Al Maidoor said that the efforts to develop government procedures are continuing in light of the vision and directives of the wise leadership, to achieve the goals of the ‘We the UAE 2031’ vision by making the UAE government services system the smartest, fastest, most flexible, and superior globally.

The organisation of the workshop falls in line with the Ministry’s ongoing efforts to enhance the experience of customers who use various services provided by the Ministry, and the endeavours to improve and develop these services. It highlights the Ministry’s commitment to providing its services in an easy, simple and quick manner without compromising on their quality and effectiveness, to best suit the needs of individual and corporate customers.

The workshop discussed several innovative ideas and visions as the participants, including the Ministry employees, partners and customers conducted a review of the policies, procedures and requirements for all Ministry services with the aim of simplifying them and reducing turnaround times.

The session also discussed an action plan that will extend till the end of this year, in line with the general executive plan for the zero-bureaucracy programme in the country. It will conclude with a comprehensive evaluation to gauge the impact of the improvement measures, which will reflect positively on customer happiness levels.

WAM