VIDEO: Expect budget cuts by individual emirates – Standard Chartered

UAE’s cabinet approved a zero deficit draft federal budget of AED48.5 billion for 2016, down 0.6 per cent or AED500 million from last year’s AED49.1 billion figure.

Standard Chartered Chief Economist Carla Slim spoke to TRENDS and said this was a reflection of the UAE’s decision to rationalise spending as revenues falter, and a signal that individual emirates could cut their budgets as well, going ahead.