Dubai to increase it's budget to record $18 billion in 2020

Dubai is set to increase state spending by 17 per cent to a record 66.4 billion dirhams ($18.1 billion). This move has been done because Dubail wants to stimulate its economy and also support the Expo 2020 world fair. The 2020 budget was released on Sunday by authorities.

Budget increase in preparation of Expo

The Dubai government has spent significantly in order to prepare the city for the six-month-long World's fair that starts in October 2020. Infrastructure spending in 2020 will drop to 8 billion dirhams for a second consecutive year. In 2020, the State's projected revenue is estimated to increase to 25 per cent to 64 million dirhams. Dubai which is one of the seven territories of the United Arab Emirates is heavily relying on the upcoming Expo to boost economic activity. In recent years, Dubai has faced a real estate market downturn since property prices peaked in 2014.

Dubai is the most populous city in the United Arab Emirates. Dubai is a major global transport hub for both passengers and cargo and aims to be the business hub for western Asia in the future. While oil revenue helped initial development of the city, oil revenue accounts for less than 5 per cent of its revenue today. Today, Dubai's economy heavily relies on trade, tourism, aviation, real estate, and financial services, that is why Dubai was severely affected when property prices peaked in 2014. Dubai is ruled by the Al Maktoum family since 1833.

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The Expo Dubai 2020 will be located between the cities of Dubai and Abu Dhabi. The master plan for the Expo was designed by the American firm HOK. The Expo will be divided into three thematic districts with each district representing one of the major themes of the Expo- Opportunity, Mobility and Sustainability. There are 135 nations that are set to participate in the Expo 2020.

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