Dubai to raise 2016 spending 12% on balanced budget

Dubai plans to raise spending by 12 percent next year, balancing that out with identical growth in revenue, on a budget of 46.1 billion dirhams ($12.6 billion), the government said Sunday. This is the second year in a row that the Gulf emirate will have a deficit-free budget since the 2009 global financial crisis, when it came close to defaulting because of a crash in the real estate market. Dubai, part of the United Arab Emirates, has the most diversified economy in the region and does not depend on oil, which is projected to account for only 6.0 percent of revenues in 2016.

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