The UAE consolidated government revenues increased to Dh455.5 billion ($124 billion) by the end of 2018, with expenses picking up to Dh388.147 billion by the end of the year, creating a surplus of around Dh67.5 billion, a media report said.

The consolidated government revenues increased to Dh304.5 billion during the first nine months of 2018, up 4.8 percent on year, with expenses picking up from Dh259.3 billion over the first nine months of 2017 to Dh276.2 billion in the corresponding period of 2018, reported state news agency Wam, citing the Ministry of Finance (MoF) statistics.

The MoF attributed the rise in consolidated revenues to the significant oil rally witnessed in 2018, along with the consistent financial reforms being adopted and which contributed to diversifying income streams away from oil.