Dubai expects budget deficit of $499 million in 2012, less than half of 2011 shortfall - The Washington Post

Dubai’s government expects to run a budget deficit of nearly half a billion dollars in 2012 as it works to move beyond its financial difficulties.

Dubai’s official media office said Sunday the projected 1.83 billion dirham ($499 million) deficit will be less than half of its 2011 shortfall.

The emirate expects to spend 32.26 billion dirhams in 2012 while bringing in 30.43 billion dirhams, mainly through service fees, customs duties, oil revenues and dividends paid by its state-run companies.

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