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Sun 16 Sep 2018 02:35 PM

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UAE to increase federal budget by $536m

Increase in funding is to be financed from the general reserve of the state

UAE to increase federal budget by $536m

UAE President Sheikh Khalifa has approved additional funding for the general federal budget and to the budgets of independent entities for the current fiscal year.

In a Federal Decree, the UAE ruler approved an additional AED1,969,269,000 ($536m) for general budget expenses, which is to be financed from the general reserve of the state, news agency WAM reported.

The office of the Minister of Tolerance is to receive an additional AED21m ($5.7m), the Emirates Diplomatic Academy will get AED9,970,000 ($2.7m), the General Authority for Sports AED6,822,000 ($1.8m), National Media Council AED3,917,000 ($1m), and the UAE Space Agency with AED3,500,000 ($950k)