Dubai-Mubasher: Dubai's ruler Mohammed bin Rashid al-Maktoum approved spending of AED 46.1 billion in the 2016 budget plan, according to Emirates News Agency (WAM).
The emirate managed to balance its budget with no deficit for the second year, said Abdul Rahman Saleh Al Saleh, Director General of Dubai’s Department of Finance.
The emirate plans to raise spending by 12% in 2016 compared to 2015 to stimulate its economic growth.
Revenue from government services, which represents 74% of total government revenue, increased by 12% compared to 2015. The rise reflects the projected growth rates for the principality and the diversity of government services.
The oil revenues represented only 6% of government revenue, while net revenues decreased significantly due to the oil global low prices.
