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FINANCIAL NEWS
Dubai approves deficit-free budget for 2015
04 Jan 2015
(MENAFN) Dubai has announced that it has approved a balanced budget for 2015, with both spending and revenues are both projected at USD11.2 billion and registering no projected deficit for the first time since the global economic crisis of 2008, Arab News reported.
Dubai, which has been posting a budget deficits since 2009 after being hit hard by the global financial crisis and debt problems, said that it is spending is set at 9 percent higher than 2013, while revenues are projected to increase by 11 percent.
The director of Dubai’s finance department said that 6 percent of spending, or USD670 million, will be allocated to deal with the USD80 billion the emirate still has in debt, while 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, and the remaining 13 percent is for infrastructure projects.
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