Arab Today, arab today dubai passes first deficitfree budget since crisis
Last Updated : GMT 14:57:10
Arab Today, arab today
Arab Today, arab today

Dubai passes first deficit-free budget since crisis

Arab Today, arab today

Arab Today, arab today Dubai passes first deficit-free budget since crisis

Dubai skyline
Dubai - AFP

Dubai announced Saturday adoption of a balanced budget for 2015, the first time there has been no shortfall since the global financial crisis.
Spending and revenues are both projected at 41 billion dirhams ($11.2 billion/9.3 billion euros), according to an official statement cited by the official WAM news agency.
Spending is set at 9.0 percent higher, while revenues are projected to be up 11 percent.
Dubai is one of the seven emirates in the United Arab Emirates. Its non-oil economy has posted budget deficits since 2009 after being hit hard by the global financial crisis and debt problems before being bailed out by fellow emirate Abu Dhabi.
The director of Dubai's finance department, Abdulrahman al-Saleh, said six percent of spending, or $670 million, is tagged for servicing an estimated some $80 billion in debt.
About 37 percent of spending is allocated for wages and salaries and another 44 percent for administrative and public expenditures, capital spending, grants and subsidies, Saleh said.
The remaining 13 percent is for infrastructure projects, he said.
Tax revenue is projected to rise 12 percent to make up 21 percent of total revenues.
Unlike other Gulf states and sister emirate Abu Dhabi, oil income is projected to contribute only 4.0 percent of Dubai's revenues, Saleh said.
Dubai's economy depends on real estate, tourism and hospitality.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dubai passes first deficitfree budget since crisis Arab Today, arab today dubai passes first deficitfree budget since crisis

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dubai passes first deficitfree budget since crisis Arab Today, arab today dubai passes first deficitfree budget since crisis

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: اقتصاد عربي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday