Dubai’s recently-revealed 2017 budget projects total spending of Dh47.3bn ($12.9bn), up 2.6% from 2016, and a deficit of Dh2.5bn ($681mn), or 0.6% of the emirate’s GDP. The second most important UAE emirate after Abu Dhabi is bucking the trend by edging up spending at a time when other Gulf states are planning further austerity measures for 2017.
The increase in spending reflects Dubai’s determination to support the local economy, ‘Abd al-Rahman al-Salih, director general of the Dubai Department of Finance says. The 2017 deficit comes from the restructuring of the budget with the re-classification of some sections cutting projected revenue to Dh44.8bn, compared to the 2016 balanced budget of Dh46.1bn, as well as a 27% increase in infrastructure expenditure to Dh8.1bn in 2017 from Dh6.4bn in 2016. (CONTINUED - 360 WORDS)
