Dubai's government budget deficit narrowed sharply to 3.7 billion dirhams ($1 billion) helped by higher oil revenues and lower spending on development projects, a prospectus showed on Tuesday.
Government expenditures for the member of the United Arab Emirates federation rose to 35.98 billion dirhams last year, above 33.68 billion originally planned, the prospectus for the upcoming Dubai sovereign issue, seen by Reuters, showed. Revenue rose to 32.28 billion dirhams in 2011, compared with 29.91 billion planned.
The 2010 budget shortfall stood at 6.0 billion dirhams.
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