Dubai’s 2021 Budget Approved at USD 15.5 Billion in Light of Economic Recovery

A budget of USD 15.5 billion (AED 57.1 billion) has been approved for Dubai in the United Arab Emirates (UAE), by the Emirates’ ruler, Sheikh Mohammed bin Rashid Al Maktoum, according to a statement issued on the 27th of January 2020.

The statement noted that the 2021 Budget accounts for the exceptional and challenging economic conditions of the fiscal year 2020, as well as the impact of the pandemic on the global economy.

This size of the 2021 Budget is 14% lower than the initial AED 66.4 billion planned by the government for 2020. The 2020 Budget had accounted for the Expo 2020, which got postponed due to COVID-19.

According to the statement, Dubai’s economy is anticipated to contract by 6.2% year-on-year (YoY) in 2020 and recover with 4.0% YoY growth in 2021,...