Dubai to run $499 million budget deficit in 2012

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Dubai to run $499 million budget deficit in 2012

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Dubai's government expects to run a budget deficit of nearly half a billion dollars in 2012.

26 December,2011 04:58 am

Dubais official media office said Sunday the projected 1.83 billion dirham ($499 million) deficit will be less than half of its 2011 shortfall as it works to move beyond its financial difficulties.The emirate expects to spend 32.26 billion dirhams in 2012 while bringing in 30.43 billion dirhams, mainly through service fees, customs duties, oil revenues and dividends paid by its state-run companies.Dubai is the second largest of the seven United Arab Emirates and serves as the Middle Easts main commercial and transport hub. It is recovering from a financial crisis tied to more than $100 billion in state-linked debt.