Posted by Bob Brunskill
The UAE government is on track to balance its budget by the end of the year, it has been reported.
In the first half of 2010, the government had spent half of its AED 43.6 billion assigned for this year.
This will come as welcome news to Dubai property investors, as it shows signs of a positive recovery in the country.
The national budget receives contributions from individual emirates, federal government ministries and dividends from government investments, Younis al Khoori, the director general of the Ministry of Finance, said.
The National newspaper reported that hikes in oil prices have helped to replenish government reserves after the recession.
Mr al Khoori added that the Ministry of Finance has started its budget preparation for the years 2011 to 2013.
This year will be the last annual budget.
In future, three-year-long budgets will be planned in order to encourage long-term planning for economic growth and infrastructure projects.