Growth budget Approved by Dubai
As per the media reports, the Emirate's 2010 budget was approved by Dubai's ruler Sheik Mohammed bin Rashid Al Maktoum with an expected deficit of 6 billion United Arab Emirates Dirhams ($1.6 billion), higher from AED 4.2 billion set for last year.
WAM news agency reported that the Emirate's government estimated the 2010 budget revenue at AED29.4 billion, down 12% from last year's estimate of AED33.5 billion.
Apart from this, the expenditure of the government would be 6.1% lower than the figure envisaged for 2009 at AED35.4 billion.
The investment spending for 2010 was AED10.7 billion, accounting for 30% of total expenditures.
Dubai finance department chief Abdulrahman Al Saleh, according to WAM, said, "The deficit is consistent with the financial standards governing the financial policy which stipulate that the deficit should not go beyond 3% of the total gross domestic product, or GDP, of the emirate."
Al Saleh told, "The 2010 budget has a deficit of only 2% of GDP."
Dubai is seen as the second-largest sheikhdom in the seven member federation of the U. A. E. The nation forwarded its first ever deficit for its 2009 budget at 1.3% of its 2007 GDP.
A steep drop in real estate prices has hard hit the tax-free emirate, which is now struggling under the weight of a nearly $80 billion pile of borrowing.
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