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Dubai’s 2012 budget deficit to reach USD499m

26 Dec 2011

(MENAFN) Dubai’s official media office said that next year, the emirate’s government’s budget deficit would be expected to reach around USD499 million, reported Associated Press.

The office added that Dubai was recovering from a financial crisis that started in 2008, and was related to more than USD100 billion in state-linked debt, which resulted mainly from real estate projects.

It also said that next year, Dubai would be expected to spend USD8.78 billion, and at the same time, it would bring in USD8.28 billion, mostly through service fees, customs duties, oil revenues and dividends paid by the emirate’s state-run firms.

It is worth noting that Dubai is the second largest emirate in the UAE and serves as the Middle East’s main commercial and transport hub.

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