(Dubai) – Dubai’s government has announced its budget for 2013 with more than Dh34.12 billion expenditures and nearly eight per cent increase in public revenue. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, approved Dubai’s fiscal budget for the year 2013.
The government is able to reduce the budget deficit to record levels keeping the deficit ratio at less than 0.5 per cent of the GDP, the government said in a statement. The gap in the budget has been reduced by 18 per cent from 2012, where public revenues have been set at Dh32.62 billion.
26 per cent of 2013 budget has been allocated for spending on health, education, housing and social development. For Emiratis 1,600 job opportunities will be created in 2013 under the budget proposal. The government has allocated six per cent of public spending to debt servicing. Major chunk of the revenues is expected to come from government fees that represent 62 per cent of revenues, while customs and taxes on foreign banks would account for 23 per cent.
