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Dubai to lift spending by 12% next year
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DUBAI plans to raise spending by 12 percent next year, balancing that out with identical growth in revenue, on a budget of 46.1 billion dirhams (US$12.6 billion), the government said yesterday.
This is the second year in a row that the Gulf emirate will have a deficit-free budget since the 2009 global financial crisis, when it came close to defaulting because of a crash in the real estate market.
Dubai, part of the United Arab Emirates, has the most diversified economy in the region and does not depend on oil, which may account for only 6 percent of revenues in 2016.
The economy is based on real estate, tourism and trade.
Spending will include 36 percent for wages, while general administrative expenses, capital expenditure and grants and subsidies take up 45 percent.
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