Dubai passes first deficit-free budget since crisis

A view of the Dubai skyline on February 15, 2014Dubai announced Saturday adoption of a balanced budget for 2015, the first time there has been no shortfall since the global financial crisis. Dubai is one of the seven emirates in the United Arab Emirates. Its non-oil economy has posted budget deficits since 2009 after being hit hard by the global financial crisis and debt problems before being bailed out by fellow emirate Abu Dhabi. The director of Dubai’s finance department, Abdulrahman al-Saleh, said six percent of spending, or $670 million, is tagged for servicing an estimated some $80 billion in debt.

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