January 1, 2019 / 10:26 AM / 3 months ago

Dubai 2019 budget to slow spending growth, sees small revenue rise

DUBAI, Jan 1 (Reuters) - Dubai expects to slow the growth of state spending this year but continue spending heavily on infrastructure as it prepares to host the Expo 2020 world’s fair, a statement by the emirate’s ruler Sheikh Mohammed bin Rashid al-Maktoum said on Tuesday.

State spending will total 56.8 billion dirhams ($15.5 billion), Dubai’s 2019 budget plan said. 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.

Meanwhile, state revenues are projected to reach 51 billion dirhams this year, up 1.2 percent from last year’s budget plan, the statement said. (Reporting by Tuqa Khalid; Editing by Andrew Torchia)

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