ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • What should investors do with Bajaj Auto Buyback? Anil Singhvi suggests this
  • JP Morgan bullish on global markets in H2; rejects possibility of recession, sees inflation receding in second half
  • Dalal Street Corner: Easing commodity prices, buying interest in IT, Metal help market extend gains; what should investors do on
  • PM Modi meets Joe Biden, Emmanuel Macron and Justin Trudeau at G7 Summit
  • Mahindra Scorpio-N 2022: Finally, New Scorpio is here - Price, Booking Open Date, Delivery Date, Variants, Features and more
Read in App
Business News » World News

Dubai 2019 budget halts spending growth as revenue rise slows

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

Dubai expects to almost halt the growth of state spending this year as revenues expand more slowly because of the emirate`s efforts to stimulate business investment, according to the 2019 state budget released on Tuesday.

State spending will total 56.8 billion dirhams ($15.5 billion), the plan showed. That would be only a marginal increase from last year`s original budget plan of 56.6 billion dirhams, which was a 19.5 percent rise from 2017.

Last year, budgeted infrastructure spending shot up by close to 50 percent, to 11.9 billion dirhams, as Dubai made preparations to host the Expo 2020 world`s fair.

These preparations will continue but some Expo projects have now been completed, and the 2019 budget projects a fall in infrastructure spending to 9.2 billion dirhams.

Meanwhile, state revenues are projected to reach 51 billion dirhams this year, up just 1.2 percent from last year`s budget plan, which included a 12 percent jump in revenues.

To attract foreign investment and keep Dubai competitive against rival economies in the region, the government decided last year to reduce some of the fees it charges, freeze fee increases for three years, and refrain from imposing any new fee without providing a new service.

Since non-tax revenues account for 64 percent of total revenue in the budget, the investment incentives have had a significant impact on the government`s ability to finance higher spending.

The 2019 budget projects a deficit of 5.8 billion dirhams, down slightly from the projected 2018 deficit of 6.2 billion dirhams.

Abdulrahman Saleh al-Saleh, director-general of Dubai`s Department of Finance, said in a statement that the government was running an operating surplus, excluding investment spending and non-recurring revenue, of 850 million dirhams.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Tue, Jan 01, 2019
09:59 pm
Reuters
RELATED NEWS
JP Morgan bullish on global markets in H2; rejects possibility of recession, sees inflation receding in second half JP Morgan bullish on global markets in H2; rejects possibility of recession, sees inflation receding in second half
Punjab Budget 2022-23: AAP government presents its first budget;  for FY 2022-23; at Rs 1,55,860 crore FM proposes 14.2% jump in budget expenditure Punjab Budget 2022-23: AAP government presents its first budget; for FY 2022-23; at Rs 1,55,860 crore FM proposes 14.2% jump in budget expenditure
India suffering from low labor participation rate, rupee depreciating in the world, says RBI Deputy Governor Michael Patra India suffering from low labor participation rate, rupee depreciating in the world, says RBI Deputy Governor Michael Patra
Investment through participatory notes declines to Rs 86,706-cr in May Investment through participatory notes declines to Rs 86,706-cr in May
India’s sports sector to be next hot investment destination - US$100bn industry by 2027 | Details of report India’s sports sector to be next hot investment destination - US$100bn industry by 2027 | Details of report

LATEST NEWS

Security deposit on commercial LPG connection goes up by Rs 1050 for 19-kg cylinder; check new rates

IRS officer Nitin Gupta appointed as new CBDT Chairman

Government to launch 'One Health Pilot' in Bengaluru on Tuesday

Stocks to buy: Sanjiv Bhasin picks Godrej Properties, Amara Raja, Arti Industries for gains today; Check why

M&M share price: Mahindra & Mahindra stock hits new all-time high on strong business outlook; brokerages see up to 20% upside

JP Morgan bullish on global markets in H2; rejects possibility of recession, sees inflation receding in second half

Rakesh Jhunjhunwala-backed Nazara Technologies stock jumps 6% on bonus share record date, up 25% in 2 sessions; brokerage sees 180% upside

Gold price outlook: Why yellow metal may trade volatile this week? Know key buy zone, sell zone here

Where is Elon Musk as America faces biggest issues of its times

Russia default on foreign debt a logistical issue, not financial crisis; a non-event for Indian stock market, say experts

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV