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FINANCIAL NEWS
Dubai to cut spending by 20% to 25%: DIFC
21 May 2011
(MENAFN) Dubai International Financial Center’s (DIFC) governor, Ahmad Humaid al Tayer, stated that the emirate plans on cutting its spending by 20 to 25 percent in the coming 2 years as it plans on heavy debts redemptions, reported The Daily Star.
Al Tayer also said that the plan was expected to save up to USD953 million as precautions aimed at narrowing the emirate’s funding gap. He pointed out that Dubai’s deficit for 2011 was USD1.02 billion.
The governor added that the deficit was equivalent to 1.1 percent of the gross domestic product (GDP) of 3 year’s ago. However, Al Tayer assured that the cut in spending would not cause entities to raise fees or service charges to boost revenues.
It is worth noting that Dubai has around USD30 billion of debt due in the coming 2 years, of which USD12 billion are due in 2011.
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