DUBAI: The United Arab Emirates’ federal government aims to increase spending by 1.23 billion dirhams ($334.9 million) in the 2022 budget, the Federal National Council said on Twitter on Tuesday.

The UAE estimates revenues will be 374.98 million dirhams higher.

The increased spending will come from the federal government’s general reserves, the council added.

The UAE in October approved a 2022 federal budget of 58.9 billion dirhams.

UAE central bank expects real GDP growth to reach 4.2% next year

The federal budget accounts for only a fraction of consolidated state spending in the UAE as individual emirates such as Abu Dhabi and Dubai also have their own budgets.

It is, however, an indication of official plans for the economy.