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FINANCIAL NEWS
Dubai to cut spending by 20% to 25%
22 May 2011
(MENAFN) Ahmad Humaid Al- Tayer, a member of Dubai’s Supreme Fiscal Committee, said that until 2013, the emirate would decrease state spending by 20 percent to 25 percent as a preventive measure to save USD953 million, reported Arab News.
AL-Tayer added that the move came as the emirate’s ruler approved a 2011 government budget with USD1.02 billion deficit, where the cut in spending would recover Dubai’s heavy debt and narrow its funding gap.
He also said that Dubai would have around USD30 billion of debt growing over the coming two years, with USD12 billion of that amount due this year. The largest would be USD4 billion loan to Investment Corporation of Dubai due in November, adding that the burst in property bubble pushed the emirate to hold with its debt which was estimated at USD115 billion or 123 percent of its GDP, and introduce austerity measures over the past year.
It is worth noting that two years ago, Dubai was bailed out by its neighbor Abu Dhabi with a USD10 billion lifeline helping its Dubai World property unit Nakheel narrowly avoid default on Islamic bonds.
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