Latest News:  
Beijing   Cloudy/Overcast    3 / -4   City Forecast

People's Daily Online>>World

Dubai government slashes budget deficit by 53 percent


09:23, December 27, 2011

DUBAI, Dec. 26 (Xinhua) -- The government of the sheikhdom of Dubai has announced its budget for 2012, implementing a 53-percent cut in the deficit compared to 2011, Dubai-based Gulf News reported Monday.

The projected deficit is estimated to reach 1.82 billion Dirham (about 491 million U.S. dollars), or 53 percent lower than in 2011. Local analysts hailed the move as a sign of budget discipline and a proof that the sheikhdom, part of the Gulf Arab state United Arab Emirates (UAE), is serious in reducing its debt.

The new budget forecasts expenditure of 32.25 billion Dirham (8. 79 billion dollars) and 30.43 billion Dirham (8.29 billion dollars) in revenues, according to the budget approved by Shaikh Mohammad Bin Rashid Al Maktoum, vice president and prime minister of the UAE and Ruler of Dubai.

Against a basic stereotype, Dubai's revenue is not based on oil, but rather from fees, services charges and some small forms of taxes and customs. There is neither an income tax nor value added tax in the sheikhdom. Nine tenths of the UAE oil is located in Abu Dhabi.

According to Giyas Gokkent, Chief Economist and Head of Research at National Bank of Abu Dhabi, the government's budget has never been a problem but the debt at the government-related entities was and remains a challenge. The state-owned holding Dubai World is currently restructuring 23.9 billion dollars of debt.


Leave your comment0 comments

  1. Name


Selections for you

  1. Chinese Premier Wen commend contributors to grain output

  2. Villagers practice waist drum dance for New Year in E. China

  3. Harbin swimmers prepare for a cooling off

  4. China launches super-speed test train

Most Popular


  1. Common interests prevent 'Cold War'
  2. War-related carbon emissions deserves attention
  3. Noda's trip enhances China-Japan mutual trust
  4. Economic outlook for next year could be dimmer
  5. Human library promotes understanding
  6. For amiable China-Japan ties
  7. Europe should make greater efforts to save itself
  8. China unlikely to see hard landing in 2012
  9. Euro depreciation affects Asian manufacturing
  10. To whom does Pacific Century belong?

What's happening in China

Villagers practice waist drum dance for New Year in E. China

  1. China stresses stable grain production
  2. Chinese mark Mao's birth
  3. 2,349 CPC officials violate house rules
  4. Nursing by listening: health on board the ships
  5. People prepare lanterns for New Year in Nanjing

PD Online Data

  1. Traditional Mooncakes
  2. About Mooncakes
  3. History of Mooncakes
  4. Modern Mooncakes
  5. Legends of Mid-Autumn Festival