The Dubai government has announced that its forthcoming budget, expected next month, will include an increase in public expenditure of around 20% in an effort to stimulate the economy and counter the effects of the global financial crisis.
Nasser al-Shaikh, head of Dubai’s Department of Finance has said that next year's budget will assume public expenditure of around AED30bn (USD8.2bn), and will channel additional investment into improving infrastructure. The government will channel revenues generated by motorway tolls to partly finance its plans which include the construction of its new two line metro system set to open in September 2009. The government will also channel investment into the new Al Maktoum International Airport at Dubai World Central and improve roads and bridges, amongst other projects.
The forecast for Dubai’s growth in 2009 has been slashed substantially; previous calculations suggested a growth rate of 11%, but this figure has now been reduced to between 4% and 6%. Al Shaikh has stressed that although the forecast has dropped significantly as a result of the international financial crisis it is still much better than most developed countries, which are facing the prospect of prolonged recessions.
No tax changes are expected within the budget.
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