UAE flag flies over a boat at Dubai Marina
IBTimes US

The United Arab Emirates (UAE)'s Central Bank disclosed in a fiscal report that the public budget has increased by 32.15 percent to AED 650 billion ($177 billion ) in the first half of 2023.

The report mentioned that a monthly increment of 0.2 percent has resulted in an increase in the public budget to AED 649.42 billion by the end of June compared to May, which was AED 648.12 billion - this marks an increase of AED 1.3 billion within one month.

Comparing the increase on an annual basis, the central bank's public budget has risen by 32.15 percent, as the budget was AED 491.4 billion last year in June 2022, WAM reported.

The rise in momentum was noticed earlier this year when January witnessed a 17.5 percent jump compared to December 2022. Breaking down the budget's allocation, the report revealed that AED 257.2 billion was apportioned to cash and bank balances for June while investments held until maturity were earmarked at AED 211.32 billion.

Whereas loans and advances received an allocation of AED 4.18 billion, deposits accounted for AED 135.34 billion, and other assets were assigned AED 41.38 billion. Cash permits and Islamic deposit certificates were assigned AED 205.72 billion.

Current and deposit accounts were allocated AED 284.78 billion while AED 136.48 billion was apportioned for issued cash securities and coins. The capital and reserves received AED 12.73 billion and other liabilities accounted for AED 9.71 billion.

The UAE is constantly working on increasing its trade relations with other countries and working on the latest technology like artificial intelligence to stay up to date.

For instance, the Minister of State for Foreign Trade, Thani bin Ahmed Al Zeoudi met Brazilian trade, agriculture, and tourism ministers last week during his Brazil visit to strengthen economic ties and explore investment opportunities between both countries.

Considering AI technology, the country upskilled more than 170 government employees with Generative AI in June through the Dubai Future Academy's course.

Furthermore, G42, a tech company based in the UAE signed a $100 million deal with American Artificial Intelligence (AI) company Cerebras Systems to make the world's largest supercomputer for AI training.

Moreover, the UAE is also understanding the potential gaming market and supporting local talents under Abu Dhabi Gaming and the Dubai Multi Commodities Centre's Gaming Centre by providing incentives.

The middle eastern country is leaving no stone unturned to grow its economy while staying updated with technology.