#Dubai increases public spending to ward off economic slowdown | Financial Times

Dubai increases public spending to ward off economic slowdown | Financial Times:

Dubai is to raise public spending to record levels to stimulate its economy and finance its plans to host the Expo 2020 world fair.

The budget for the 2020 fiscal year, signed by ruler Sheikh Mohammed bin Rashid al-Maktoum, plans an expenditure increase of 17 per cent to Dh66.4bn ($18bn), the highest level in Dubai’s history, the government said on Sunday.

“We are keen to provide economic incentives with an impact of attracting more investments, and work to improve the emirate’s competitive position,” said Abdulrahman Al Saleh, director-general of the department of finance.

The budget allocated 46 per cent of total spending to the economy, infrastructure and transport as the emirate pursues an expansionary fiscal policy to maintain its attractiveness as the Gulf’s business centre.