Dubai to increase 2016 spending 12% on balanced budget
December 27 2015 05:06 PM
Dubai
Dubai economy is heavily based on real estate, tourism and trade.

AFP/Dubai

Dubai plans to raise spending by 12% next year, balancing that out with identical growth in revenue, on a budget of 46.1bn dirhams ($12.6bn), the government said on Sunday

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 is projected to account for only 6.0% of revenues in 2016.

The economy is heavily based on real estate, tourism and trade.

Spending will include 36% for wages, while general administrative expenses, capital expenditures and grants and subsidies account for 45%.

As much as 14% is allocated for infrastructure projects.

On the income side, fees for government services and fines are projected to make up 74%, taxes 19% and enterprise profits 1%.

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