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Dubai has announced a record balanced budget of Dh41bn ($11.2bn) for 2015, up by 9% in nominal terms from 2014, which projected a deficit of Dh882mn ($240mn).
The budget will continue to stimulate growth and prioritize social services, despite the collapse in oil prices, the Dubai Department of Finance said in a statement on 3 January.
Dwindling oil output is slated to generate 4% of Dubai’s 2015 revenue, down from 5% in 2014. Dubai’s main source of revenue is government services (74% of the total), an increase of 22% from 2014. The remaining 21% comes from taxes on banks and customs duties.
On the expenditure side, general and administrative expenses, capital expenditure, grants and subsidies are allocated 44% of the total, wages and salaries 37%, infrastructural projects 13%, and debt servicing 6%. Within these main categories, some 35% of government spending is allocated to social development covering health education and housing. The 2015 budget also allocates funds to support security, justice and safety. (CONTINUED - 361 WORDS)