Dubai may see a budget deficit of 2 percent of gross domestic product next year, but the proposal still needs to be approved, the head of the Gulf emirate's budget committee told Reuters on Thursday.
Dubai, a member of the United Arab Emirates federation, received a last-minute bailout from fellow emirate Abu Dhabi earlier this month to avoid a default on billions of dollars worth of debt of one of its flagship companies.
"The deficit in Dubai's budget is 2 percent of gross domestic product of 300 billion dirhams ($81.68 billion) projected for 2009," Dhahi Khalfan Tamim said in a telephone interview.
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