The United Arab Emirates approved its 2015 budget on Sunday, projecting no deficit and increased income and public spending as the oil-rich nation continues its rebound from years of financial peril. Vice President Sheikh Mohammed bin Rashid al-Maktoum said on his Twitter account that the UAE cabinet had approved a balanced budget of 49 billion dirhams ($13.35 billion/10.57 billion euros), up 6.5 percent from 2014. Sheikh Mohammed, also the ruler of Dubai, said 49 percent of the budget had been allocated for social development projects and other benefits for UAE citizens.
He said $5.45 billion was allocated for government affairs and upgraded services.
"Our budget comes in line with our plans and the government's strict financial standards," Sheikh Mohammed added.
The budget does not include huge oil revenues and is mainly focused on administrative spending, public services, and wages for federal employees.
The UAE is a federation of seven emirates - Abu Dhabi, Dubai, Sharjah, Ajman, Ras al-Khaimah, Umm al-Qaiwain and Fujairah.
In addition to the federal budget, all seven emirates have their own budgets, the total spending of which is much higher than that of the central government.
With crude oil reserves estimated at 97.8 billion barrels, mostly in the capital Abu Dhabi, the UAE pumps out around 2.7 million barrels per day. It has a population of about eight million people, more than 80 percent of them expatriates, mostly from Asia.