World Economy

UAE to Cut Spending

UAE to Cut SpendingUAE to Cut Spending

The cabinet of the United Arab Emirates approved a slightly smaller federal budget for 2016, state news agency WAM reported on Sunday, in a sign that the country is curbing expenditure because of low oil prices. Next year’s budget was set at Dh48.56 billion ($13.2 billion) with a zero deficit, down from this year’s Dh49.1 billion budget plan. The decision to cut federal spending, after at least several straight years of rises, suggests UAE authorities in general are becoming more cautious about spending because of the blow to state revenues from cheap oil.