Dubai plans record spending to revive flagging economy

Dubai plans record spending to revive flagging economy
Dubai plans record spending to revive flagging economy

We show you our most important and recent visitors news details plans record spending to revive flagging economy in the following article

Hind Al Soulia - Riyadh - DUBAI — Dubai unveiled a 2020 budget on Sunday projecting record spending of $18.1 billion, up 17 percent on this year, as it seeks to revive its flagging economy.

The Gulf city state expects revenues too to rise sharply next year as it hosts Expo 2020, the global six-month trade fair set to open on October 20.

But it still foresees a deficit for the fourth year in a row of $700 million.

The government is hoping that Expo will draw some 25 million visitors, many of them from abroad, and is projecting a 25 percent increase in revenues to $17.4 billion.

Dubai is the only government in the Gulf not dependent on hydrocarbon revenues, and projects around 94 percent of income to come from non-oil sources.

Dubai is renowned for its skyscrapers, like the world's tallest building Burj Khalifa, but its key property sector has been sliding since 2014.

Last year, growth slowed to 1.94 percent, less half the 2017 figure and the worst in a decade.

It picked up slightly to 2.1 percent in the first half of this year but the government is keen to do more to stimulate consumer spending and the real estate market. — AFP

These were the details of the news Dubai plans record spending to revive flagging economy for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Saudi Gazette and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Pandemic restrictions a business boon for some Iraqi women
NEXT Middle East sees the launch of its newest airline since COVID-19 pandemic