The Central Bank of the UAE’s public budget reached an all-time high of Dhs650 billion by the end of June 2023, as revealed by its latest fiscal report.

The report for June 2023 showed that a monthly increment of 0.2 per cent led the public budget to rise to Dhs649.42 billion at the end of June, compared to Dhs648.12 billion in the previous month of May, an increase of Dhs1.3 billion within one month.

On an annual basis, the central bank’s public budget surged by 32.15 per cent, equivalent to Dhs158 billion, in contrast to some Dhs491.4 billion in June 2022.

This momentum extended into the current year with a 17.5 percent rise since the start of the year, compared to some Dhs552.5 billion at the end of December 2022, an increment of Dhs97 billion during the year’s first half.

The budget’s allocation delineated on the assets side, which saw Dhs257.2 billion apportioned to cash and bank balances for June.

Additionally, investments held until maturity were earmarked at Dhs211.32 billion, while deposits accounted for Dhs135.34 billion.

Loans and advances received an allocation of Dhs4.18 billion, and other assets were assigned Dhs41.38 billion.

Conversely, on the liabilities and capital side, Dhs284.78 billion was allocated for current and deposit accounts. Cash permits and Islamic deposit certificates were assigned some Dhs205.72 billion.

Furthermore, Dhs136.48 billion was apportioned for issued cash securities and coins, and capital and reserves received Dhs12.73 billion, with other liabilities accounting for Dhs9.71 billion.

Meanwhile, as part of the partnership, Tawasal users will gain access to a comprehensive range of real-time stock market data provided by ADX. Investors and traders will be provided with the latest market statistics, including stock prices, trading volumes, indices, and more, all conveniently accessible within the Tawasal SuperApp.

The tie-up between the parties reflects both ADX and Tawasal’s commitment to enhancing financial literacy and facilitating sound financial decision-making. Millions of Tawasal’s users will no longer need to navigate between multiple platforms or rely on delayed information sources, as this partnership provides users with a seamless, free of cost and efficient way to monitor their investments, react swiftly to market changes and optimise their investment strategies.

Abdulla Salem Alnuaimi, Chief Executive Officer of Abu Dhabi Securities Exchange, said, “This collaboration demonstrates our continuous efforts to amplify ADX’s digital footprint, working alongside pioneering partners like the Tawasal SuperApp. Our mutual engagement underlines our steadfast dedication to increase awareness of the different mechanisms of investment and the underlying products.

“ADX will continue to introduce a wider range of products and services that meet the rapidly evolving needs of our investors and support the acceleration of the development of Abu Dhabi’s vibrant capital markets.”

Khamis AlShamsi, Chairman of Tawasal SuperApp., said, “We are thrilled to partner with Abu Dhabi Securities Exchange, a recognised leader in the financial industry, to bring real-time stock market updates to all our users.”

He added, “Our aim has always been to provide our users with an all-in-one platform that caters to their needs. This collaboration exemplifies Tawasal’s commitment to continuously expanding its services and providing its users unparalleled convenience and accessibility. By providing timely and accurate market data, we aspire to equip our users with the knowledge to make well-informed financial decisions and strengthen their understanding of the stock market.”

Meanwhile, the General Administration of Abu Dhabi Customs has won three awards in the 2023 Stevie International Business Awards categories, which are considered among the most prestigious awards for recognising and honouring achievements in the business sector for distinguished companies, institutions, and services. with two gold awards and one silver award received.

In detail, Abu Dhabi Customs won the gold award in the “Human Resources Department of the Year 2023” category for its Innovative Digital HR Transformation experience.

The second gold award was for “Innovation of the Year - Consumer Services Industries” category for the “Invisible Customs System”.

Abu Dhabi Customs also received the silver award “Human Resources Executive of the Year 2023” for the influencing leader.

Abu Dhabi Customs’ recognition in the 2023 Stevie International Business Awards further demonstrates its outstanding track record of accomplishments and global awards. This results from Abu Dhabi Customs implementing international best practices aimed at establishing an empowered institutional environment that achieves its vision to be a “World-Class Customs Authority”, driving change to enhance security, facilitate trade, and provide exceptional services. This aligns with the economic directions and visions of the UAE, especially with the UAE Centennial 2071, The Principles of the 50, and Abu Dhabi Economic Vision 2030.

The digital transformation journey of Human capital at Abu Dhabi Customs serves as a model for managing human capital, implementing comprehensive automation, and developing technical infrastructure by leveraging the AI revolution.

WAM