Dubai approves a USD15bn budget for next year, an increase of 19.5% from the 2017 budget plan
Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum approved a record AED56.6bn (USD15.4 bn) budget for next year, an increase of 19.5% from the original budget plan for 2017 because of a leap in spending on infrastructure. The emirate expects to spend 46.5% more on infrastructure in 2018, including over AED5bn dedicated to Expo products, accounting for 21% of its total spending, as it prepares to host the Expo 2020 world's fair, expands its metro rail system and builds other projects. Dubai’s deficit is expected at AED6.2bn (USD1.7bn) in 2018, according to a statement posted on Dubai government website. The deficit represents 1.55% of total Dubai GDP.
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