Dubai plans to reduce government spending this year but still forecast a second consecutive budget deficit due to ongoing infrastructure investments and the debt-laden emirate’s weaker economy, according to its 2010 draft budget.
The 2010 budget, which was approved by Dubai’s ruler Sheikh Mohammed bin Rashid al Maktoum on Thursday, envisages a budget deficit of Dh6bn ($1.6bn), on revenues of Dh29.4bn and total spending of Dh35.4bn.
Slated spending is down 5 per cent from last year’s fiscal plan.
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