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FINANCIAL NEWS
Dubai heads to budget surplus in 2011
28 Feb 2010
(MENAFN) The Head of Dubai’s Department of Finance, Abdulrahman Al-Saleh, said that the emirate has started slashing government expenditures, in a bid swing its budget surplus by 2011, Al-Bayan reported.
Al-Saleh said that he planned to cut the government’s operating expenses by 15 percent in 2010 which would reduce the budget deficit.
Earlier in January, Dubai’s ruler approved the Gulf emirate’s 2010 budget with a deficit of 2 percent of gross domestic product (GDP), which is deeper than last year and in line with a budget committee’s proposal.
The new plan will be drafted under the supervision of the Department of Finance, financial services departments of local government bodies, and institutions included in the general budget of the emirate.
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