7 hours agoDubai with the biggest budget in history
Periskopi(6 years ago)
(6 years ago)Dubai announced a budget for 2020 that envisions the highest expenditures in history to stimulate the fragile economy and prepare the emirat to host the Universal Exhibition. “Expenses are estimated at around $1.1 billion (U.S.), about 17% more than in 2019”, according to a government communique. This growth [...]
“Expenses are estimated at around $1.1 billion (U.S.), about 17% more than in 2019”, according to a government communique.
This increase occurred at a time when authorities have been trying to restore the Imobiliaar sector, which has been in crisis since 2014.
Revenues are also expected to increase by 25%, with $17.4 billion (15.5 billion euros), about 94% of which come from non-oil sources, as Dubai is the only country of seven Gulf Democrats that does not depend on hydrocarbon revenues.
But, the budget also envisions a deficit of $2.7 billion (0.6 billion euros). He has been in deficit for the past three years.
Also known for “Burj Khalifa”, the world's highest tower, Dubai hosts Expo 2020, whose opening is predicted in October. Emirat has predicted 25 million visitors for the event, most of which will be foreign tourists.
