The UAE cabinet has approved a federal budget of Dh48.7bn ($13.3bn at a fixed $1=Dh3.673) for 2017, which is part of a five-year budget of Dh 248bn ($67.5bn) for 2017-21, the Emirates News Agency WAM said on 30 October.
The 2017 budget in nominal terms is virtually unchanged from the Dh48.6bn ($13.2bn) 2016 budget. But with inflation projected by the IMF at 3.1%, the 2017 budget effectively represents around 3% cut in real terms. With oil prices hovering around the $50/B mark, the UAE is opting for caution with regard to its spending plans in the medium-term. (CONTINUED - 942 WORDS)