Dubai: 2011 budget cut
The Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, who serves as Vice President of the United Arab Emirates and Prime Minister, has approved the government budget for 2011 which includes a deficit of AED 3.778 billion (about US$1 billion). Sheikh Mohammed approved the budget law with the spending value amounting to AED 33.684 billion, down from AED35.401 billion in the 2010 budget. The projected revenues are put at about AED29.906 billion, up slightly from the previous year.
About 43 percent of the total public expenditure is directed to infrastructure sectors, which include roads and transportation, civil aviation, airports and tourism. Meanwhile, 24 percent of the total expenditure is directed to the social development sector, which includes the fields of health care, education, housing and culture.
The budget has allocated 11 per cent of total government spending for public service.
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?
- Betting on the counterintuitive? Understanding Saudi Arabia's logic, or lack thereof, behind not cutting oil output
- Dubai budget shows strong desire to get a grip on debt
- Orascom Holding to cut budgeting and reporting time by 50% with Infor PM
- Xerox Commissioned Survey: 81% Of GCC businesses to Increase Document Management Budgets in 2011