Menu

Top Stories

UAE’s public spending totalled AED87.4 billion in Q1 2022

The UAE’s public spending in the first quarter of 2022 totalled AED87.4 billion, an increase of 19.6 percent and equivalent to AED14.34 billion, compared to AED73.7 billion in the same period of the previous year, according to statistics from the Ministry of Finance.

The figures also highlighted the fact that the country’s public spending in the first quarter of 2022 included some AED28.7 billion for employee compensation payments, compared to AED24.6 billion in the same reporting period in 2021, an increase of 16.6 percent and equivalent to AED4.1 billion.

Employee compensation is the sum of cash and in-kind rewards payable to government employees, which include wages or salaries, allowances, bonuses and other benefits, as well as social contributions paid to social insurance programmes on behalf of employees.

Furthermore, the public spending included goods and services usage worth AED30.9 billion, as well as AED14.1 billion for social benefits, AED6.4 billion for financial aid, AED1.7 billion for interest, AED1.6 billion for fixed capital expenditure, AED304 million for grants, and AED3.8 billion for other expenses.

The statistics also showed that revenues amounted to AED123.8 billion in the first quarter of 2022, an increase of 39.1 percent or equivalent to AED34.8 billion, compared to AED88.9 billion in the same period of 2021.

The distribution of first quarter revenues included taxes on companies extracting oil and producing natural gas, banks operating in the country, customs fees, and other fees worth AED56.7 billion, while social contributions amounted to AED4.9 billion and other revenues to AED62.2 billion.

The Ministry of Finance said the government’s financial statistics are reports of national and international interest, as they highlight the total value of government operations in the country, as well as the government sector’s contribution to the national economy and the allocation of resources by the government for various purposes.

Pogačar conquers Tour de France stage 17, keeps GC hopes alive

Tadej Pogačar won his third stage in this Tour de France in a thrilling finale, crossing the finish line first on Peyragudes.

The stage saw the riders face the Pyrenees again with a shark-toothed profile from Saint-Gaudens to Peyragudes over 129km.

Despite UAE Team Emirates showing up at the start with only four men after Marc Soler’s forced retirement yesterday and Rafal Majka today following a muscle injury, the UAE squad lit up the stage.

Mikkel Bjerg took up the work for the second half of the stage at the head of the group keeping a very high pace for many kilometers without giving the escape a chance to gain precious seconds.

Brandon McNulty took over on the second ascent of the day. The American set an incredible pace which he would hold for the final 20km with only Tadej Pogačar and the Yellow Jersey Vingegaard (Jumbo-Visma) able to keep up with him.

Over the crest of the penultimate climb Pogačar tried to detach Vingegaard, with McNulty coming back to dictate the pace and lead the trio up to the last 500 meters, where Pogačar pushed hard to take victory.

Third place for McNulty, awarded as the most combative rider of the day.

Pogačar said, “The way the team rode today, we couldn’t help but aim for victory. Without George, Rafal, Marc and Vegard we still managed to give our best. Let’s see how it goes tomorrow, but for the moment I’m very happy with this victory. In the final I gave everything, I knew I couldn’t do anything other than win, I owed it to the team. Marc, Brandon and Mikkel did a great job and we were able to give each other strength. There is still an important stage tomorrow and I want to give my best.”

Thursday’s last Pyrenean stage is 143.2 km from Lourdes to Hautacam with three decisive ascents in the second half of the race.